On June 28, 2019, world leaders will convene in Japan for the
Group of 20 ("G20") meeting, the annual gathering of
select countries representing about 80% of the world's gross
domestic product. Though major themes for this year's meeting
include promoting trade and investment and harnessing the power of
technology, it is actually taking place against the backdrop of an
existing trade war between the U.S. and China and an increasing
strategic competition between the two over who will exercise
leadership in emerging technologies. One front may impact global
economic growth in the coming quarters, while the other may set in
motion a gradual decoupling whose effects may be felt over the next
generation. Even between the U.S. and the European Union
("EU"), questions over alignment with international trade
and foreign policy objectives, such as with respect to Iran,
threaten to expose fissures between these allies.
