The tariffs will not spell the end of alliances between the United States and Japan or South Korea, but they are likely to promote a strategic awakening in both countries and accelerate the integration process in East Asia.

After a decade of deglobalization and U.S. geopolitics, globalization is no longer at crossroads, but unraveling. The longer this plunge prevails, the greater will be its costs.

The world’s major growth engines are about to run in reverse. The policies and uncertainties of US President Donald Trump’s second administration have hit a sluggish global economy with a transformational exogenous shock. Risks are especially worrisome in both the United States and China, which have collectively accounted for a little more than 40% of cumulative global GDP growth since 2010.

A great many negative consequences would follow a successful effort by the United States to pull the MFN rug out from under the world’s second-largest economy. If this key pillar of global trade is taken away, the collapse of the WTO itself could follow.

The Italian Prime Minister’s visit to China offers key insights into the state of Sino-European relations, the evolution of de-risking strategies, and China’s response to this challenge.

The multilateral trading system faces an existential challenge as the United States and European Union seek to continue — or even expand — trade protectionism. If Donald Trump returns to the White House, there are good reasons to believe that he will try again to hijack the World Trade Organization. Meanwhile, protectionism by Europe only makes things worse.

Now that the United States has introduced a new set of import tariffs on Chinese goods, the world’s two largest economies appear to be on the brink of open economic warfare – and developing countries are in danger of getting caught in the crossfire. Beyond the risk that they could face sanctions or other trade restrictions if one superpower perceives them to be helping the other, Sino-American trade tensions are eroding the value of many of these economies’ comparative advantages, such as cheap labor and land. Coping with these challenges will require skillful economic statecraft.

To revitalize innovation and build confidence in the private sector, the two countries should collaborate, from the Middle East to Africa, in unconventional ways. This would not only provide new business scenarios but would also offer an integrated solution for global governance going forward.

The doctrine of “assertive transparency” has dramatically escalated South China Sea tensions. Among other things, it has paved the way to the alignment of the U.S., Japan and Philippines in the impending April summit.

Confrontations over the South China Sea are startling events that bring up the potential for heated conflict, but disagreements in troubled waters have ripple effects that lead to economic problems as well.