January 15, 2023
For those who believed that the American era was over, 2022 was a rude surprise. Faced with the biggest land war in Europe since 1945, the United States led a multi-country effort to assist Ukraine. Faced with a belligerent China, the United States embarked on a concerted strategy to arrest Beijing’s military-industrial rise. The Biden administration improvised new tools of statecraft: the freezing of Russia’s foreign currency reserves; the capping of the price paid for Russia’s oil exports; the embargo on semiconductor exports to China. Sweden and Finland opted to join an invigorated NATO. Japan, South Korea, Australia and India were drawn deeper into U.S.-led arrangements aimed at containing China.
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