A MGI Report released in January 2019 –  Globalization in transition: The future of trade and value chains – points out the following- 

Global value chains are undergoing five structural shifts 

• Goods-producing value chains have grown less trade-intensive
• Services play a growing and undervalued role in global value chains
• Trade based on labor-cost arbitrage is declining in some value chains
• Global value chains are growing more knowledge-intensive
• Value chains are becoming more regional and less global

There is a sea change in the geography of global demand

• Emerging markets will consume almost two-thirds of the world’s manufactured goods by 2025, with products such as cars, building products, and machinery leading the way. By 2030, developing countries are projected to account for more than half of all global consumption. These nations continue to deepen their participation in global flows of goods, services, finance, people, and data
• More of what gets made in China is now sold in China. By 2030, China is projected to account for 12 cents of every $1 of worldwide urban consumption. This trend is contributing to the decline in trade intensity. China exported 17% of what it produced in 2007. By 2017, the share of exports was down to 9%. This is on a par with the share in the United States but is far lower than the shares in Germany (34 %), South Korea (28%), and Japan (14 %). Exports from advanced economies to China has increased from 3% in 1995 to 12% by 2017.
• The rise of domestic supply chains in China and other emerging economies has decreased global trade intensity.

Digital platforms, logistics technologies, and data-processing advances will continue to reduce cross-border transaction costs and enable all types of flows.

• Automation and additive manufacturing change production processes and the relative importance of inputs
• New goods and services enabled by technology will impact trade flows

Given the shifts in value chains, companies need to reevaluate their strategies for operating globally.

As pointed out by David Dodwell in the South China Moring Post, Trump’s tariffs are targeting yesterday’s challenges, not today’s.