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STRATEGY

Satellite image of Eastern China at night, showing Beijing and Tianjin illuminated, highlighting dense industrial and urban networks

Trouble finds the periphery

As the U.S. fires the first salvos of Trade War II, the ripple effects across emerging markets look less like opportunity and more like a systemic test

Facade of the Reichstag building in Berlin with the inscription “Dem Deutschen Volke” and blurred German soldiers in red berets passing by at night

Steel without velvet

Drawing from Paolo Falconio’s stark analysis, Germany’s rearmament is not a footnote in policy—it is a turning point in European geopolitics