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“My sense is that Borrell is not fundamentally different from what this commission thinks more broadly,” said Shahin Vallée, who heads the German Council on Foreign Relations’ Geo-Economics Program.

Playing geo-economics with supply chains, by contrast, will result in fragmented markets, higher costs, lower efficiency and loss of jobs on US soil and elsewhere.

Siemens AG CEO Joe Kaeser said that “geopolitics and geo-economics are harming an otherwise positive investment sentiment.”

“There’s great potential here for the Trump administration to move beyond a multilateral trade agreement that was already pronounced dead and to move toward implementing a comprehensive and effective geo-economics strategy for the region that goes beyond anything we had with the Obama administration,” he said.

But it is important for Washington, as I describe in my new book “Germany, Russia and the Rise of Geo-Economics,“ to keep in mind that Germany and the U.S. have very different stakeholders and interests in Russia which, if not carefully managed, could split these two partners to Putin’s advantage.