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Key Takeaways

• Globalization has expanded international trade by connecting businesses and consumers across borders and creating new market opportunities.
• International sourcing can improve efficiency and reduce production costs while giving businesses access to specialized materials, labor, and expertise.
• Global trade can also create challenges involving job displacement, supply chain disruptions, regulatory differences, environmental impacts, and uneven economic benefits.
• Businesses operating internationally must account for geopolitical events, changing trade policies, tariffs, compliance requirements, and other sources of uncertainty.
• The long-term effects of globalization depend partly on how governments, businesses, and communities address its economic, social, and environmental challenges.