Earlier this month, the trajectory of world history shifted with speeches by Secretary of Defense Hegseth and Vice President Vance that articulated a fundamentally new U.S. perspective that can be described as America First, but not only America First. As we have noted before, relationships among countries in the world, shaped since the Russian invasion of Ukraine and the PRC’s expansionist moves, are now driven more by power projection and less by economic efficiency than at any time since the fall of the Berlin Wall. This will have an enormous impact on markets and business models for the foreseeable future.
