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Until recently, Europe has avoided high levels of involvement in the Pacific. However, with China’s efforts to control more islands in the South China Sea and its threats regarding Hong Kong, Europe is preparing to act in the region (The Guardian, May 17, 2022).

Higher prices and slowing global economic growth caused August business activity to fall in Japan, Europe, and the United States, according to the Wall Street Journal (August 23, 2022). The U.S. economy has contracted for the last two quarters—technically signaling recession—and private sector activity in both Japan and Australia has fallen. European business activity has also declined for two months in a row.