geopoliticsThursday, June 25, 2026
Ray Dalio's 10-day China trip crystallizes a narrative of American decline and a rising Eastern tribute system. Meanwhile, the US-China AI race is increasingly about talent, not just tech, and Europe is pushing back on Washington's chip war. Natural gas markets show signs of easing after the Gulf conflict.
Ray Dalio's reflections on his recent trip to Beijing frame today's geopolitical narrative around a multipolar shift.
Ray Dalio, after a 10-day trip to Beijing, argues that global leaders see America lacking the will to maintain its empire, and describes a rising Chinese-led tribute system in the East. It's a sweeping, insider take on the multipolar shift.
The US-China competition is playing out on two fronts: a battle for AI talent and a legislative clash over chip equipment.
The US-China AI race is now about talent, not just computing power. The piece profiles a Chinese-born engineer who left Apple to return to China and found a smart glasses startup, illustrating a broader reverse brain drain.
Europe is pushing back on Washington's chip war. Dutch Trade Minister visited Washington to oppose the MATCH Act, which would bar Chinese chipmakers from accessing ASML's lithography machines, threatening Europe's most valuable tech company.
Energy markets are reacting to the aftermath of the Gulf conflict, with natural gas output recovering and India facing the energy intensity paradox.
Natural gas prices are set to ease as Qatar restores LNG output after the Strait of Hormuz reopened. The Gas Exporting Countries Forum predicts market stabilization in Q3, a positive sign after Gulf conflict disruptions.
India faces an 'energy intensity paradox' as the US-Iran conflict drives up crude prices, leading to fuel spikes, inflation, and currency weakening. The piece examines the macroeconomic fallout for an import-dependent economy.
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