A generational shift is taking place in the global trade and financial system. New U.S.-driven trade policies and deals are early milestones in this process, which will likely continue for decades, because the previous system enabled unsustainable debts and untenable supply chain vulnerabilities. The new system could alleviate these problems, significantly improving economic and national security for the United States and its trading partners. As is often true when quitting a bad habit, the current transition phase is turbulent – and comes with recession and inflation risks – but the long-term goal is worth it.
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