Core thesis
The new U.S. industrial policy seeks to rebuild domestic capacity while organizing productive alliances around critical sectors.
Why it matters
The shift affects supply chains, investment incentives, trade rules, and room for maneuver for partners and competitors.
Coordination with allies is no longer measured only in defense, but also in subsidies, minerals, chips, and the protection of sensitive technology.
Regional lens
The West is moving toward a less naive model of interdependence. The question is whether it can coordinate priorities without multiplying internal frictions.
What comes next
The second industrial wave will be judged by tangible results: construction times, access to inputs, political stability, and the ability to generate full ecosystems.