Corruption is typically understood as a sign of weak institutions and failed governance. But what if it is a deliberate political technology used to consolidate power, discipline rivals, and reshape political systems?

This is the argument advanced by University of Chicago sociologist Kimberly Kay Hoang in the latest episode of the APARC Briefing series. Drawing on years of ethnographic research across Southeast Asia, including Vietnam, Myanmar, Hong Kong, and Singapore, as well as offshore tax havens, Hoang uses a comparative Asian lens to show how both democratic and authoritarian governments strategically align with private capital, reinforcing elite power. Hoang joined APARC Director Kiyoteru Tsutsui to share core insights from her work.
 

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Kimberly Kay Hoang speaks on the APARC Briefing series with host Kiyoteru Tsutsui.

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She argues that corruption discourse often operates as a political tool, widely seen across Asian political economies and increasingly evident in the United States during the Trump era. This rhetoric, she says, tends not so much to dismantle institutions but to reshape them, concentrating authority in the executive and weakening checks and balances. According to Hoang, these patterns reflect a broader global shift toward more oligarchic forms of governance, where political power is increasingly concentrated among transnational elites.

"We often think of corruption as a failure of governance – that it's a weak state, and weak states can’t govern," Hoang says. "But in Southeast Asia and in other parts of East Asia, it has become an instrument for governance. It's a way of consolidating political power, weaponizing corruption."

From Vietnam's Hostess Bars to Global Finance

Hoang's research journey began in an unexpected place: working 12-hour shifts in Vietnamese hostess bars in 2009-2010, shortly after the global financial crisis. What started as an ethnographic study of the sex industry and human trafficking in Vietnam evolved into something far larger: a story of Asian ascendancy and Western decline playing out in micro-transactions.

"I started to witness local Vietnamese men turning down deals with Western businessmen and taking extraordinary deals from investors from China, parts of Southeast Asia – Hong Kong and Singapore – and Korea, Taiwan," Hoang recalls. When she examined foreign direct investment data, "the numbers lined up to what I was seeing at a micro level."

But when she presented these findings in the United States, the response was skeptical, even hostile. "People would say, 'Okay, yes, the economy is in decline, but America still has the strongest military,' or 'China is really dependent on the American economy, so if the American economy collapses, so will China's,'" she remembers. "It was a huge oversight of American arrogance to just believe that [Asian ascendancy] was impossible."

Her continued research led her to follow not just the money but "the people who move the money" – from Vietnam and Myanmar to Hong Kong and Singapore, and ultimately to offshore tax havens in the British Virgin Islands, Panama, the Seychelles, and the Cayman Islands.

The Architecture of Global Capital

What Hoang uncovered was what she calls an "architecture of global capital" – an invisible financial infrastructure built by "hidden engineers" including specialized wealth managers, lawyers, and financial advisors who coordinate across borders to move elite wealth beyond the reach of any single nation-state.

The scale is staggering: approximately $7.6 trillion in household wealth is hidden offshore globally, with the top 0.01% avoiding about 25% of their tax obligations through legal structures and shell corporations.

"We have to move beyond national boundaries," Hoang argues, "because global oligarchs choose the sovereigns and choose the jurisdictions that govern their financial transactions and activities."

This system creates what Hoang describes in her book, Spiderweb Capitalism: How Global Elites Exploit Frontier Markets (Princeton University Press), as a web of legal and financial gray zones that allow wealth to compound while evading accountability.

Corruption as Governance Mechanism

Hoang’s work exposes the connections between the rise of global elites, corruption, and the emergence of oligarchic governance. Across both Asia and the United States, she explains, corruption discourse operates as a mechanism for reshaping democratic governance by means of dissolving the boundary between political authority and economic power.

"What does that mean? It means that we no longer rely on institutions," she says. "People who have executive authority can just go after their rivals."

This creates what Hoang calls "anticipatory compliance," a situation in which political and economic elites preemptively align themselves with power centers. The mechanism works through strategic ambiguity: when corruption charges can be selectively deployed, everyone becomes potentially vulnerable, leading to self-regulation through fear.

While this pattern is well-established in countries like China and Vietnam, Hoang sees similar dynamics emerging in the United States. "Under the Trump administration, we've seen charges of corruption being weaponized as a tool of governance," she notes, while emphasizing that elements of this already appeared under the Biden administration.

Democratic Reordering, Not Collapse

When explaining the impacts of corruption discourse on democratic governance, Hoang is careful to distinguish between democratic collapse and what she terms "democratic reordering." Rather than overtly capturing the state, global oligarchs work through existing institutions, gradually redefining their function through moralized narratives, weakened oversight, selective enforcement, and strategic risk management. The outward forms of democracy remain intact, but the independence of courts, election fairness, and accountability mechanisms are steadily eroded. "They increasingly serve concentrated elite interests."

In comparing the United States to China, Hoang notes a crucial difference: "China has a long view. They're playing a 50-year view [...] If we're in this constant [electoral] cycle, and we've delegitimized oversight and political authority, [...] we need to have stronger independent institutions that outlast whoever is in office."

Finding Hope in Resistance

Despite her sobering analysis, Hoang sees reasons for optimism. "What gives me hope is that, if you look carefully, there are a lot of resistance movements," she says. "I think there's a growing battle between the millionaires and billionaires."

She points to resistance not just from grassroots movements but from millionaires who "don't want to live in a billionaire oligarchy world, who feel economically precarious vis-à-vis the extreme inequality."

The challenge, she argues, is that both mainstream and social media highlight extremes while missing the middle-level discourse and resistance movements that are actively organizing.

Kimberly Kay Hoang is Professor of Sociology and the College, and Director of Global Studies at the University of Chicago. In addition to Spiderweb Capitalism, she is the author of Dealing in Desire: Asian Ascendancy, Western Decline, and the Hidden Currencies of Global Sex Work (University of California Press). Her forthcoming work examines U.S.-China power relations in offshore financial centers.

The full APARC Briefing conversation with Hoang is available on APARC’s YouTube channel.

Stanford University’s Walter H. Shorenstein Asia-Pacific Research Center (APARC) is delighted to announce today, ahead of World Press Freedom Day, that Singapore-based investigative journalist Shibani Mahtani is the recipient of the 2026 Shorenstein Journalism Award for excellence in coverage of the Asia-Pacific region. The award recognizes Mahtani for her original, powerful reporting that has brought critical attention to the erosion of democracy and human rights across the region, particularly in Southeast Asia. She will receive the award at a public ceremony in the coming autumn quarter.

Until February 2026, Mahtani was an international investigative correspondent for the Washington Post. Her accountability-driven investigations across the Asia-Pacific have focused on the expanding economic and political influence of an increasingly assertive China and its implications in the region. Her work includes, among others, reports linking powerful criminal networks in Myanmar to the Chinese state and exposing brutal scam compounds in the country; examining Beijing’s influence on Chinese-language media in Singapore and its efforts to wield influence in Indonesia and elsewhere through vocational programs; scrutinizing China’s cross-national repression of Uyghur Muslims, especially in Central and Southeast Asia; and investigating how its promise of prosperity brought Laos debt and distress.

Mahtani joined the Washington Post in 2018 as the Southeast Asia and Hong Kong Bureau Chief. She reported extensively from Myanmar, the Philippines, Laos, and other parts of the region. Most notably, she chronicled China’s subjugation of Hong Kong, from the explosive protests in 2019, triggered by Beijing’s proposal to extradite locals to the mainland, through the systematic crushing of the Hong Kong pro-democracy movement, to the dismantling of the city’s autonomy and the many ways it is changing.

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Her searing coverage of Hong Kong’s struggle includes a multimedia investigative report into Hong Kong police misconduct during the 2019 pro-democracy demonstrations, for which she earned a Human Rights Press Award, and an exclusive on the alleged torture of a key prosecution witness in Hong Kong’s highest-profile trial of pro-democracy media tycoon Jimmy Lai. Mahtani continued to pursue that story, most recently reporting on Lai’s 20-year prison sentence, even after losing her job when the Washington Post sharply reduced its International team as part of mass layoffs.

Mahtani is also the co-author of the 2023 book, Among the Braves: Hope, Struggle, and Exile in the Battle for Hong Kong and the Future of Global Democracy, a narrative history of Hong Kong’s pro-democracy movement that explores it through the eyes of people on the ground, culminating in the 2019 mass protests and Beijing’s crackdown. 

Before joining the Washington Post, she was a correspondent for the Wall Street Journal and reported from Singapore, Myanmar, and Chicago.

“Shibani Mahtani’s journalism is defined by a courageous and relentless pursuit of speaking truth to power,” said APARC Director Kiyoteru Tsutsui. “Her work exemplifies the vital role of investigative reporting: to expose complex systems of repression and give voice to those who have been silenced. We are proud to honor her outstanding journalism with the Shorenstein Award.”

Sponsored and presented annually by APARC, the Shorenstein Award recognizes journalists and news media outlets that leverage a deep knowledge of Asian societies to share crucial insights with a global audience. The award carries a $10,000 cash prize and honors the legacy of APARC’s benefactor, Mr. Walter H. Shorenstein, and his twin passions for promoting excellence in journalism and understanding of Asia. It also demonstrates APARC’s commitment to journalism that persistently and courageously seeks accuracy, deep reporting, and nuanced coverage in an age when attacks are regularly launched against independent news media, fact-based truth, and those who tell it.

The selection committee for the award praised Mahtani’s investigations as groundbreaking and revelatory, noting that, in her coverage of Hong Kong, she has broken stories others would not – or could not – report.

The committee members are William Dobson, co-editor of the Journal of Democracy; Anna Fifield, a journalist and foreign affairs analyst, non-resident fellow at the Center for Strategic and International Studies, and recipient of the 2018 Shorenstein Journalism Award; James Hamilton, vice provost for undergraduate education, the Hearst Professor of Communication, and director of the Stanford Journalism Program, Stanford University; Louisa Lim, associate professor, Audio-Visual Journalism Culture and Communication at the University of Melbourne; and Raju Narisetti, partner and global leader at McKinsey Global Publishing, McKinsey & Company.

Twenty-four winners previously received the Shorenstein Award. Recent honorees include Chris Buckley, the chief China correspondent for the New York Times; Emily Feng, international correspondent for NPR covering China, Taiwan, and more; Netra News, Bangladesh's premier independent media outlet; The Caravan, India's premier magazine of long-form journalism; and Nobel Laureate Maria Ressa, co-founder and CEO of the Philippines-based news organization Rappler.

Information about the 2026 Shorenstein Journalism Award ceremony celebrating Mahtahni will be forthcoming in the autumn quarter.

Reaching Families Through Primary Healthcare

China's primary healthcare system is both far-reaching and well-structured, and a growing body of research suggests it represents one of the most promising vehicles for delivering ECD interventions to families in rural areas. A central thread running through the symposium was that the infrastructure already exists; the challenge lies in making better use of it. This view was echoed by local pediatricians and preventative care representatives among the attendees, who brought frontline perspectives to the conversation.

Presentations from researchers at Shanghai Jiao Tong University explored how caregiver training group activities can be embedded within routine primary child healthcare services, and how digital technologies can be deployed within clinic settings to extend the reach and consistency of ECD support. Research from Zhejiang University complemented this by examining how child growth monitoring, a standard feature of preventive care, can be strengthened as both an evidence base and a practical touchpoint for developmental support.

Not only are preventive care and early intervention more cost-effective than reactive approaches in the long run, but they also provide better safeguards for the wellbeing of mothers and children. China's existing primary care infrastructure has the potential to deliver such preventive care at scale.

Supporting Children by Supporting Caregivers

Another strong theme presented was the importance of directing attention and resources toward caregivers themselves, not only the children in their care. This focus is central to REAP's own intervention work, and it was reflected throughout the symposium's presentations and discussions. Multiple speakers highlighted that the wellbeing, knowledge, and confidence of parents and other caregivers are among the most important determinants of early childhood outcomes.

Importantly, conversations went beyond training primary caregivers of children, who in Chinese households are typically mothers or grandmothers . Speakers discussed how to help different caregivers work together more effectively, and how to bring other family members — especially fathers and other male relatives — more meaningfully into the picture. This broader conception of caregiver support recognizes that child development happens within families and households, not just in the hands of a primary caregiver.

Several presentations underscored the need for integrated approaches that treat caregiver mental health and wellbeing as a core component of ECD programming rather than an afterthought, with evidence suggesting that well-designed interventions can produce durable changes in caregiver behavior and child outcomes. Research on complementary feeding practices added a further dimension, demonstrating how behavioral nudge approaches can shift caregiving practices around infant nutrition. The consistent message across these sessions was that investing in caregivers is investing in children.

Scaling What Works: The Role of Technology and Implementation Science

Perhaps the most forward-looking dimension of the symposium concerned the question of scale. A recurring challenge in ECD research is the gap between what works in controlled settings and what can be sustained and expanded across vast, heterogeneous rural populations. In a country as large as China, even the most cost-effective intervention will fall short of its potential without government funding and commitment to sustain it. Several presentations tackled this challenge directly, with a shared understanding that the responsibility of researchers is not only to develop effective programs, but to build the evidence base that demonstrates their value to policymakers.

Researchers from Stanford University presented findings from  two randomized controlled trials, examining how digital support tools and group parenting models can help upscale parenting interventions while retaining their effectiveness. A presentation from Sean Sylvia at the University of North Carolina, Chapel Hill introduced the Healthy Future Platform, which uses AI-enhanced curriculum delivery to support community health workers. The researchers share the vision that technology can deliver behavioral interventions more consistently and better tailor them to the needs of individuals.

Implementation science featured prominently too, with researchers presenting a framework for evaluating ECD programs not just on their outcomes but on the conditions that enable real-world adoption. Complementing this, cost-effectiveness analysis from researchers at Shanghai Jiao Tong University offered policymakers a concrete basis for prioritizing investments in primary-level ECD support — an increasingly important contribution as the field makes its case for government-backed scale-up.

Policy Dialogue: Building Bridges Between Evidence and Action

The symposium brought together not only academics but analysts from China's National Health Commission and other implementing organizations. This mix of voices gave the event a practical orientation that went beyond the research findings themselves. The participation of government representatives was itself a meaningful signal, reflecting both the importance China places on ECD and a genuine openness to hearing what scientists have to say about how to improve outcomes for young children and their families.

Discussions returned repeatedly to the question of how evidence generated in research settings can be translated into durable government policy and frontline practice. The presence of international participants underscored the global relevance of the questions being asked, and the value of cross-national dialogue in shaping the field.

Looking Ahead

The formal program of the symposium closed on March 28, but conversations continued on March 29 as participants strengthened old friendships and formed new connections on the group visit to Brussels. These conversations reflected a shared recognition that the challenges ahead — scaling proven interventions, sustaining political commitment, and bridging research and practice — require not just strong evidence, but strong networks of people committed to acting on it.

About the Organizers

The Stanford Rural Education Action Program (REAP) conducts research aimed at improving the lives of rural residents in China, with a particular focus on education, health, and early childhood development. KU Leuven is one of Europe's leading research universities and a longstanding partner in international development research.

Indo-Pacific nations are racing to adapt to a world in which the United States has become fundamentally unpredictable. The 2026 Oksenberg Conference, hosted by the Shorenstein Asia-Pacific Research Center (APARC), gathered scholars and foreign service veterans at Stanford University to assess how regional stakeholders are confronting what Canada's Prime Minister Mark Carney had famously named "a rupture, not a transition" in the post-World War II order. The conference took place as Carney was in the midst of an Indo-Pacific trip, visiting Australia, India, and Japan to forge "middle power" trade alliances, and as the United States joined Israel in a war against Iran.

“For Indo-Pacific countries, the question is no longer just how to balance between Washington and Beijing,” said APARC Director Kiyoteru Tsutsui in his welcome remarks, “but how to understand and respond to the emergence of a multipolar world in which the United States is less predictable, less committed to multilateral frameworks, less invested in alliance maintenance, and more willing to pursue narrowly defined national interests at the expense of broader international stability.”

The panelists agreed that, while the U.S. retreat from the eight-decade-old international order it had previously championed creates multiple opportunities for China, Beijing is not naturally filling the vacuum, and regional powers are not pivoting toward it but instead scrambling to diversify security and economic partnerships. The consensus is that the international system is moving toward multipolarity and the world toward an increasingly unstable period, and no one knows yet what will replace the disintegrating post-WWII order.

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China Sees Opportunity in Multipolarity

To commemorate the legacy of the late Michel Oksenberg, a renowned scholar of contemporary China and a pioneer of U.S.-Asia engagement, the Oksenberg Conference, an annual tradition sponsored by APARC and led by the center’s China Program, gathers individuals who have advanced U.S.-Asia dialogue to examine pressing issues affecting China, U.S.-China relations, and broader U.S. Asia policy.

At this year’s convening, the first panel, moderated by Shorenstein APARC Fellow Thomas Fingar, focused on how China perceives, interprets, and responds to the new vulnerabilities and opportunities in the international system.

Speaking via video link from Beijing, Da Wei, a professor in the Department of International Relations at Tsinghua University and the director of its Center for International Security and Strategy, said China views the current moment as neither ideal nor catastrophic but better than recent alternatives.

China has experienced three scenarios, Da explained. First, from the 1990s through the Obama era, China benefited greatly from the U.S.-led liberal order, but was increasingly criticized by the West. Second, during Trump's first term and the Biden administration, while facing mounting pressure of decoupling in a bipolar system, China was forced into a camp with Russia, which Da characterized as Beijing’s “worst scenario.” Now, under Trump's second term, the shift toward multipolarity has redirected pressure away from China and onto multilateral institutions and U.S. allies – "the least bad option" from Beijing’s perspective.

Da argued that “culturally, China has a very low appetite for global governance or leadership.” China sees itself primarily as a regional power, he said. Rather than filling the vacuum left by the U.S. withdrawal from international institutions, "we want to be powerful and respected in the region. I don't think China has a very big appetite for leadership in faraway regions, except for economic interests." He contrasted this “Emperor's perspective,” demonstrated by China’s foreign policy, with the U.S. “boss perspective.”

Susan Shirk, a research professor at the University of California, San Diego’s School of Global Policy and Strategy and director emeritus of its 21st Century China Center, noted that China's response to Trump's trade war has been robust, muscular, but disciplined. "The Xi Jinping administration was operating in a more disciplined manner than it had previously," she said, contrasting this approach with what she called Xi's "rash reactions” to Japan and failure to engage Taiwan diplomatically.

Shirk stated that, while Trump's alienation of U.S. allies through extreme tariffs and military interventions has created clear opportunities for China to expand its influence and further divide Washington from Europe and Asian partners, Beijing has only modestly exploited these openings.

She emphasized that Xi's support for Russia in its war against Ukraine represents "self-defeating overreach" that undermines China's ability to improve relations with Europe. "Russia represents an existential threat to Europe," she said. "Xi Jinping really doesn't grasp how important this is."

Mark Lambert, a recently retired U.S. State Department official who served as China coordinator and deputy assistant secretary in the Bureau of East Asia and Pacific Affairs, contrasted the Biden administration's China strategy with the current U.S. policy vacuum.

The Biden approach, he explained, was rooted in U.S. relations with five Asian treaty allies plus NATO and positioned China as the only country with the means and capabilities to reshape the post-World War II order. It required "all hands on deck" to address this challenge through what U.S. officials called a "lattice work of relations": the Quad involving India, AUKUS with Australia, the Camp David summit between South Korea and Japan, and strengthened linkages between NATO allies and East Asian partners. China's support for Russia's invasion of Ukraine unified Europeans in understanding the China challenge in ways never seen before. The administration also successfully reframed Taiwan's importance, emphasizing that Taiwan's chip dominance was vital to global prosperity.

Today, Lambert argued, the United States either has no China strategy or “one so classified that neither our allies nor our practitioners know what it is.” On security, trade, technology, and international cooperation, the United States has given China “fantastic opportunities,” he noted.

Allies’ Transactional Coping Strategies

The second panel, moderated by Laura Stone, a retired U.S. ambassador and APARC's inaugural China Policy Fellow, turned to other regional states – South Korea, Japan, Russia, and India – and how they read the geopolitical landscape and devise strategies to shape the regional order.

Victor Cha, the D.S. Song-KF Chair and professor of government at Georgetown University and president of the Geopolitics and Foreign Policy Department at the Center for Strategic and International Studies (CSIS), noted that "every U.S. ally around the world is looking at a Plan B," pointing out that, in the first year of the second Trump administration, allies were not acting on these plans, but that "we’re now at a threshold where many of them are executing their Plan B's."

Cha identified seven types of behavior that U.S. partners have adopted when dealing with the Trump administration. These are drawn from a recent CSIS project on ally and partner responses to the paradigm shift in U.S. foreign policy. First is prioritizing face-to-face meetings with Trump himself, "because there's a recognition that the policy process in the United States is broken,” Cha said, “and that policy making is not being informed, as it traditionally has been, by foreign policy professionals. It's all happening at the leader level."

Other strategies include minimizing risk to avoid what Cha called "the Zelensky moment" – the public humiliation Ukraine's president suffered in the Oval Office in February 2025 – and preparing "trophy deliverables," such as South Korea's promise to buy Boeing airplanes and Japan's commitment to purchase Ford trucks.

“The America First policies have effectively put the custodial burden of maintaining the alliance on the partner,” Cha said. “Whether it's Japan, Korea, Taiwan, the Philippines, or whoever it might be, the burden traditionally has been on the United States, but now it's on the partner. They're the ones who have to try to maintain this relationship. So it's about minimizing risk.” 

South Korea's recent summit with Trump yielded a $350 billion investment package, yet soon after, U.S. immigration authorities raided a Hyundai facility, and Trump threatened 25% tariffs on Korea.

"Why take all this abuse?" Cha asked. His answer: South Korea and Japan see no alternative to the United States on security, and they secured previous concessions in areas such as nuclear submarines, ship building, and enrichment and reprocessing of spent nuclear fuel, which they do not want to renegotiate. 

One positive outcome, Cha pointed out, has been the unexpectedly warm bilateral relationship between Japan and Korea. Despite having leaders who would normally clash – a far-right conservative in Japan and a progressive in South Korea – the uncertain geopolitical environment has brought the two countries together.

He predicted China would eventually use economic coercion against South Korea over the U.S.-Korea nuclear submarine agreement, just as it did during the 2016-17 THAAD dispute and is currently doing to Japan. "It's not happening now because I don't think China wants bad relations with Japan and Korea at the same time, but it's coming," he said, adding that this development will likely push South Korea closer to the United States and Japan.

Japan Reconsiders Alliance Dependence as Its "Too Big to Fail" Status Proves No Shield

Katherine Monahan, a 2025-26 visiting scholar and Japan Program Fellow at APARC and a foreign service officer with the U.S. Department of State, said Japan's relationship with the United States is "too big to fail," but that has not prevented serious strain between the two allies.

Having served in Tokyo as deputy chief of mission at the U.S. Embassy in Japan until April 2025, Monahan shared that, when Trump's Liberation Day tariffs hit Japan with a 25% rate, the Japanese could not believe that was the figure next to their name, while other allies were at 20% and 15%. They wondered, “Don't we have any special relationship at all?”

Monahan called attention to a recent Foreign Affairs article by Masataka Okano, Japan's former national security advisor, in which he argues that Japan needs to take strategic autonomy more seriously. When made by a former Japanese official, such a statement represents a significant shift in the nation’s mindset, she said. 

Japan is also reconsidering previously used language around "de-risking" from China in favor of diversifying trade with multiple partners, including China, Canada, and Europe. This shift is happening on the backdrop of the current war with Iran, as 90% of Japanese oil comes through the Strait of Hormuz. “Japan has to start balancing sources and supply chains,” Monahan argued.

Russia Exploits American Unreliability

Russia expert Kathryn Stoner, the Satre Family Senior Fellow at Stanford’s Freeman Spogli Institute for International Studies, said America’s unpredictability under Trump represents pure opportunity for Vladimir Putin.

"Putin knows Trump. He gets him," Stoner said. "They have a not-completely dissimilar worldview." Trump's red carpet welcome for Putin at last year's Alaska summit, despite the Russian leader's indictment by the International Criminal Court for war crimes, sent a powerful message, Stoner asserted. So did Trump's lack of concern for democratic values and his criticism of U.S. allies.

She reminded the audience that Putin has been in power for 26 years and has watched multiple U.S. presidents come and go, adapting successfully to each. Putin wants multipolarity, she said, and Trump’s actions have emboldened him. Putin’s goal is to “reclaim Imperial Russia as a global power and restore what he views as its proper sphere of influence,” extending through Ukraine and Belarus into Poland, up to German borders in the west and to the south, through Moldova, Serbia and Bulgaria, to the Black Sea in the east, all the way to the Kamchatka Peninsula. 

According to Stoner, the Russia-China relationship is significantly more durable than many believe. The relationship between the two powers extends beyond oil sales to investment, defense coordination, and sophisticated military exercises. “It kind of doesn't matter whether there's love lost or not. There's an opportunity to be gained on both sides."

"Russia's economy is actually not on the verge of collapse," Stoner added. "It has completely retooled toward the military."

India Feels Betrayed

Emily Tallo, a postdoctoral fellow at Stanford’s Center for International Security and Cooperation, who studies how political elites structure foreign policy debates in democratic countries, especially in India, explained that New Delhi felt especially betrayed by Trump's foreign policy pivot.

The first Trump administration had centered India as a key partner against China. In May 2025, however, when an India-Pakistan conflict flared up, Trump claimed credit for brokering peace, but India took issue with his threat of trade measures to bring an end to the conflict. He then hosted Pakistan's army chief at the White House and signed deals with Islamabad. "This was a twist of the knife for India," Tallo said.

Trump also imposed 50% tariffs on India, including a penalty for buying Russian crude oil, which was not applied to China, and backed out of a QUAD summit in New Delhi.

India now views China as its primary security threat, and the recent India-Pakistan crisis, in which China supplied all of Pakistan's weapon systems and possibly intelligence, made New Delhi’s two-front threat fears a reality. "India is really sensitive to any hints of U.S. retreat in the Indo-Pacific, and any acceptance of Chinese Hegemony in the region," according to Tallo.

She concluded that, like other regional powers, India is committed to preserving the U.S. partnership but is diversifying and seeking a “Plan B.” It finalized free trade agreements with the European Union and the United Kingdom, agreed to purchase French Dassault Rafale jets, and conducted a pragmatic reset with China, citing U.S. unreliability as cover to stabilize a difficult bilateral relationship.

“India wants to be a regional power aligned with but not allied with the United States [...] They want to be considered as the United States’ main partner in Asia and a major counterbalance to China.”