A first overview of the potential geopolitical impact of Trumps re-election. One important factor which makes this term much riskier than the first: «The first time, U.S. allies reacted with a variety of hedging strategies. This time around, they are in a much weaker position owing to their own internal challenges and to the threats posed by Putin and Chinese leader Xi Jinping.»

From Weekly Filet #503, in November 2024.