Commodities have been at the heart of globalization. Traders roamed freely and commodities priced to the marginal cost of production. However, since the mid-2010s, this started to change. Politics have shifted towards populism and nationalism, and geopolitical competition has heated it. Today, traders have to navigate a sanction minefield and the weaponization of the dollar. Global trade is fragmenting into blocks. What does this mean for the sector, the talent and the dollar itself. Our guest is Jeremy Shapiro, research director at the European Council on Foreign Relations and previously the Senior Advisor to the Assistant Secretary of State for Europe and Eurasia at the U.S. Department of State and a Fellow at the Brookings Institution.