Geopolitics is changing fast and has become more uncertain. This has brought rising tension between the three major trading powers – the US, China, and the EU – often with a direct consequences for businesses. The Covid pandemic has exacerbated these trends and added greater urgency to policymakers’ initiatives, but has not yet led to a convergence of views on the solution, or greater international cooperation. We see increased protectionism, unresolved trade disputes leading to spiralling retaliation, tighter restrictions on investment, greater tensions around regulatory control, more state intervention in economies, and a high degree of unpredictability. We work with our clients to understand these developments and how they are affected, helping them make well-informed decisions and engage effectively with governments.