Neoliberalism is out and neo-mercantilism in as US decoupling from China abandons adherence to rules-based, free market trade Speaking at the Brookings Institution in April 2023, US National Security Advisor Jake Sullivan declared national security and industrial policy as the guiding lights for US trade. Sullivan couched his prescriptions in soft tones and catchy phrases. “Decoupling” is out, “de-risking” is in. The goal is to “forge a new consensus” — something different to the market-oriented Washington Consensus of yesteryear. National security restrictions have their limits set in a “small yard, high fence.” US security is not trying to engage in...