Hedging Is the New Normal
Coronavirus
We are living in a new world of hedgers. The shocks of the last several years—COVID-19, Russia’s war in Ukraine, U.S. President Donald Trump’s tariffs, and the Iran conflict—have upended how nations approach international affairs. The smooth flows of a globalized and rules-based world have clotted into uncertainty, forcing states to find new pathways for trade, diplomacy, resource extraction, and defense cooperation. Countries no longer consider historical partnerships, values-driven alliances,
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