Decades ago, the world treated global trade as a neutral ground decades ago that helped energy markets in becoming more integrated today as we still see them today. The standard view in policy circles was that trade made countries more secure and stable. Governments therefore now use tariffs and export controls as a chokepoint of power. Today interdependence between countries became a double-edged sword. Europe, for instance, faced this back in 2022, when the Russian gas that it long treated as a reliable commodity became a prominent tool of pressure overnight. Despite the shifts towards digital economies and the massive investments that countries have been pouring in it, a major share of world trade still goes through narrow water ways.
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