Key findings

  • Officials familiar with the discussions describe a process that has moved faster than many observers expected, driven less by diplomatic bre...
  • Our analysis of open-source data covering the past eighteen months points to a clear inflection point in the second quarter, when the freque...
  • For policymakers, the challenge is one of sequencing. Measures that make sense in the long run — diversifying supply chains, investing in re...
  • Critics argue that the current approach treats symptoms rather than causes. In interviews with more than two dozen practitioners, a recurrin...

Summary

History offers some guidance, though not much comfort. Previous episodes of this kind were resolved only after a combination of sustained external pressure and a shift in domestic incentives — conditions that do not yet appear to be in place.