There are many pitfalls looming. Some concern China, the United States and Europe, while others are more targeted, notably on China or on the relationship between China and the United States. Some traps concern geopolitics (the Thucydides trap, the Kindleberger trap, the Herodotus trap, the Tacitus trap, the Chamberlain - Daladier trap and the cold war trap), while others deal with purely economic issues (the middle-income trap, the inflation trap, the stagflation trap and the debt trap).
All the traps are real, and some of them already materialised, at least partially: China cannot rule some functions of power yet, some old powers have clear ambitions (China, Turkey, Russia, Iran and Saudi Arabia notably), Xi Jinping statements are listened to with great perplexity / suspicion (as was also the case for D. Trump); and some cold war elements are very noticeable between the United States and China. Same conclusion about the economic traps: debt worries have resurfaced, stagflation looms, and inflation is on its way. As for China, there is no doubt that deglobalisation threatens Chinese growth significantly.
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