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Shift to Industrial Policy
- The Biden administration is shifting towards industrial policy, viewing the global economy through a national security lens.
- This approach is facilitated by stronger relationships with American allies compared to the previous administration.
Alliance Alignment on China
- The US isn't alone in its China policy but alignment among allies like Japan, South Korea, and European nations is closer to 60-65% than full agreement.
- These countries are more aligned with US corporations and banks than with the Biden administration's foreign policy.
Shifting from Globalization
- Globalization, with its single supply chains and lower costs, is giving way to a focus on national security in technology.
- This shift changes trade dynamics, impacting production costs and investment strategies, potentially leading to higher inflation.