World leaders are invoking ancient history to frame modern geopolitics. During his Beijing summit with Trump, Chinese President Xi Jinping referenced the "Thucydides trap," asking whether China and the United States can transcend this dynamic. The term, popularized by political scientist Graham Allison, draws from the ancient Greek historian Thucydides and his account of conflict between dominant powers Athens and Sparta. This marks the second major political reference this year to the classical historian, following Canadian Prime Minister Mark Carney's mention at Davos in January. The concept suggests that when a rising power threatens an established one, conflict becomes likely. Understanding these historical parallels matters for investors and markets watching U.S.-China relations, as geopolitical tensions directly impact global trade, supply chains, and financial stability.
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