Export Bans. Sanctions. Investment screens. The liberal trading order has been weaponized; security, not efficiency, is the new watchword. And yet, 2023 has seen an all-time high of goods traded across borders. Even bilateral trade between the warring great powers, China and the US, was at a record high of $400 billion in 2022. US imports from ninety countries are higher than ever before. In a series of articles at VoxEU, the trade economist Richard Baldwin debunked the “peak globalization” thesis, arguing that the narrative of “fragmentation” belies the fact that trade in goods and services has been expanding.