Brexit and US President Donald Trump are perhaps the best icons of the current era, marking the end of a decades-long march toward globalization. However, the saplings of this change were already watered by the Global Financial Crisis of 2008 and then fertilized by hostility to “elites” expressed during the last few U.S. elections by both political parties (Trump, Bernie Sanders and, to a lesser extent Elizabeth Warren). While some may be celebrating that “peak” globalization is clearly in the rearview mirror, the celebrants ought to be careful what they wish for, because last century’s globalization of manufacturing and production may just have been the warm-up act.