“There is a new world order,” Vice President JD Vance recently declared. “There is a new world order in trade; there is a new world order in globalization.” The shift away from the old US-led order is visible in tariff schedules, export controls, energy contracts, investment screening, and trade agreements being built outside the old free-trade consensus. For decades, globalization was sold as a system of American hegemony, open supply chains, …
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