23 February 2024

U.S. Economy ‘Doing Very Well’

Ravi Agrawal

“We are at a turning point.” You often hear those words from U.S. President Joe Biden, but in this case, it’s the first sentence in a new essay in Foreign Policy by Gita Gopinath, the first deputy managing director of the International Monetary Fund (IMF). She makes the case that as countries look to “de-risk” and “friendshore,” trade is fragmenting—a trend that could lead to a new Cold War.

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