For decades, the United States has used its position at the center of global financial, commercial, and technological networks to punish adversaries and pressure allies, exploiting what the political scientists Henry Farrell and Abraham Newman call “weaponized interdependence.” Lacking any alternatives, the rest of the world has had no choice but to rely on American payment systems, American technology, and American corporate might, even as Washington turned that reliance to its own strategic advantage.

Now, however, the tables have turned. Other states—starting with China—have begun to weaponize their own chokepoints in the global economic infrastructure. As Farrell and Newman write in the new issue of Foreign Affairs, “The United States is discovering what it is like to have others do unto it as it has eagerly done unto others.” Where it once pioneered the weaponization of interdependence, Washington may now be increasingly at the mercy of its rivals.

To Newman and Farrell, this is more than just another salvo in global competition. It is evidence of a major transformation in geopolitics, as national security and economic power have merged—and ushered in a new era of economic warfare.

You can find sources, transcripts, and more episodes of The Foreign Affairs Interview at https://www.foreignaffairs.com/podcasts/foreign-affairs-interview.