Free(ish) trade & the information age have worked to reinforce the 'law' of one price; as information has become much quicker & international trade has continued to expand, so prices for commodities & goods have converged on the dominant global price (albeit unevenly).

But with the fragmentation of the global system growing in response to the rule of the Tangerine Tyrant (and other factors) market prices are diverging;

market arbitrage players may well expand operations.

#economics
h/t FT