The US-China confrontation, the pandemic, and the conflict in Europe drive the current state of global economy, characterized by high prices and low growth in many Western countries. This scenario further pushes most economies to review their approach to trade, reducing dependencies and strengthening domestic industrial capacity in critical sectors. What will be the long-term effect of such a restructuring of economic relations, and what role can be played by international institutions and companies? What are the consequences for the EU, the US, and the Global South?