September 26, 2026 | View in Browser

Sponsored by International Monetary Fund

Good morning,

How did U.S. President Donald Trump go from wanting “to beat China and Russia” to rolling out the red carpet for Chinese leader Xi Jinping and inviting Russian President Vladimir Putin to his golf club? As Stacie Goddard wrote last year, Trump wants “a world managed by strongmen who work together—not always harmoniously but always purposefully—to impose a shared vision of order on the rest of the world.” Her essay, which traces how great-power competition came and went as the “organizing principle for American foreign policy,” is still the one I recommend for insight into how Trump’s new approach—what she calls “great-power collusion”—could pan out.

Until next week,

Dan Kurtz-Phelan

Editor, Foreign Affairs

Get unlimited access to the analysis that shapes global policy, for less than $3.50/month. Subscribe here →

The Rise and Fall of Great-Power Competition

Trump’s New Spheres of Influence

By Stacie E. Goddard

P.S. In case you missed the podcast this week, my interview with Anwar Gargash is available here.

Toward a New Economic Growth Model for China: A Reform Agenda for Balanced, Inclusive Growth

China’s economic transformation carries consequences for economies across Asia and beyond. Toward a New Economic Growth Model for China, drawing on IMF staff research, lays out a reform agenda for balanced, inclusive growth: consumption, services, innovation, the green transition, and modernized fiscal, monetary, and financial frameworks. A grounded look at the policy choices shaping China’s next era.

Download the Book →

Cover of “Toward A New Economic Growth Model for China”

© 2026 Council on Foreign Relations | 58 East 68^th Street, New York NY | 10065

To ensure we can contact you, please add us to your email address book or safe list.
This email was sent to npnj5xo85s@niepodam.pl.