The U.S. is increasingly trying to influence: -where allies manufacture -whom they trade with -which technologies they use -how much they spend on defense -which sanctioned states they finance -and, in Japan's case, even monetary policy The US has always exerted influence over allied economic policy. What appears different now is their willingness to trade the relatively open liberal order of yesterday that saw tremendous foreign recycling of surpluses into American assets for ... a new system where allies are expected to act to: mitigate imbalances; hugely grow their domestic investment; reorder supply chains into friendlier jurisdictions; and see continued access to U.S. markets, consumers, technology, and even dollar clearing conditional on whether their third party relationships align with U.S. strategic interests. It's a huge bargain for the Americans, whose new posture is actively pushing against the very flows that it long embraced and fed from. It must balance the sticks of dollar exclusion and potentially reduced foreign demand for its assets, with the carrot of continued cooperation with the world's wealthiest consumer base and deepest financial markets. It must use its strength to coerce favorable behaviors from its allies while ensuring that the cost of leaving the economic-security bloc its trying to form never appears affordable. If you don't think the U.S. has a strategy here, you are missing the forest for an obnoxious orange tree. I am not here to claim their plan will work, nor that it's even the best one. I'm just calling balls and strikes on what I see them attempting and where I think incentives align. The world order is being intentionally changed before our eyes.(𝐓𝐗𝐌𝐂)