Competing in the New Era of Industrial Policy

The ongoing trade war has dominated conversations in boardrooms and newsrooms. On-again, off-again tariffs and economically bellicose statements have led to uncertainty, confusion, and even fear. Amid the market turmoil and operational confusion of the last few months, it’s possible to lose sight of a profound underlying change of which these are a manifestation. Even after things calm down (as they will, sooner or later), businesses will have to face a new structural reality: Global commerce has entered an era where competition is directly—and profoundly—shaped by government industrial policy.