The decades-long rising wave of globalization that remade the world economy is receding. The recent rise of nationalist politicians and protectionist trade rhetoric is the culmination of a broader push against global business since the financial crisis, the WSJ’s Bob Davis and Jon Hilsenrath write, that’s left global trade barely growing when compared with overall economic output, international capital flows pulling back and managers of multinational companies starting to dismantle the sprawling supply chains that they’ve built up over decades. The overall picture, from Brexit to Beijing, shows a trading world undergoing fundamental, long-term change—Maersk Chief Financial Officer Jakob Stausholm calls it “a deflationary mindset.” That’s left merchandise exports contracting and global supply chains no longer growing. China is helping drive the trend with its push to produce more goods for domestic consumption, and big industrial players are following. General Electric Corp. is among many looking at a “localization” strategy, which would result in more factories that serve local demand rather than the export markets that have fueled global shipping.