Table of Contents
The world's three dominant economies - the U.S., China, and Europe - are on the brink of a trade war that could shake up the global economic order. The U.S. has taken a page from China's playbook by using tariffs as a weapon, and President Joe Biden has embraced a new industrial policy that prioritizes subsidies. This aggressive approach threatens to deepen existing fractures and challenges the long-standing free-market orthodoxy. Europe finds itself at a critical crossroads as it navigates this combative phase.
