Testing a microchip in a student lab in Tainan, Taiwan, February 2022
Ann Wang / Reuters

Over the past year, the United States has been forced to contemplate a possibility that many have regarded as almost unthinkable since the Cold War: a major military conflict with another great power. For the first time in decades, Moscow has been rattling its missiles to warn Washington about its support for Ukraine. And in early August, following U.S. Speaker of the House Nancy Pelosi’s visit to Taiwan, Beijing dramatically escalated its threat of military action over the island.

Almost as startling as the threats themselves are what they seem to suggest about the limits of economic interdependence

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