US-China rivalry: great powers that don’t make things won’t be great for long

As global trade fragments and tariffs return, economic power is increasingly defined not by financial scale alone, but by productive strength. At the World Economic Forum in Davos last month, leaders spoke openly about a harsher world order. Chinese Vice-Premier He Lifeng warned that trade wars have no winners. European Commission President Ursula von der Leyen called for a new security architecture amid rising protectionism. French President Emmanuel Macron described a world becoming more...