The latest from the David Rockefeller Studies Program at CFR
Council on Foreign Relations | From the Think Tank

May 21, 2026

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By Shannon K. O’Neil
Senior Vice President of Studies and Maurice R. Greenberg Chair

Thank you for your interest in CFR’s publications. We’re pleased to continue this newsletter in a new form, one that will highlight the broader work of CFR’s think tank, the David Rockefeller Studies Program.

 

The Studies Program is the intellectual engine of the Council. Our more than eighty fellows cover all the world’s major regions and the big foreign policy issues. Drawing on their expertise, they seek to shape public debate and inform policymaking.

 

We’re excited to introduce our new initiative on the Future of American Strategy, an ambitious, multiyear effort to grapple with the fundamental questions underlying U.S. foreign policy. The initiative will leverage CFR’s expertise, convening power, and nonpartisan credibility to bring together leading thinkers and emerging voices to generate the ideas, frameworks, and understanding needed to shape an effective American strategy for the twenty-first century. We’ll be bringing you more from the initiative in the coming months.

 

Below, you’ll find a sampling of our fellows’ latest work, from Sebastian Mallaby’s biography of a top AI titan to several interactive trackers on Chinese investments, U.S. government investments, and central bank currency swaps. We also produced an absorbing immersive article on how food is being used as a weapon around the world.

 

We hope you find the work of our fellows to be of interest, and we’re eager to hear your thoughts in the months ahead.

 

Sincerely,

Shannon

 

The World Is Changing Rapidly. Here’s What the United States Should Do Next. 

The United States’ role on the world stage is increasingly precarious amid the rise of multipolarity, reactionary politics, and American foreign aid retrenchment. In a new CFR-wide initiative led by Rebecca Lissner, experts identify current or imminent weaknesses in U.S. strategy in economics, development and health, climate and the environment, national security, and technology, and explore how to shore up those weaknesses for a more secure future. Explore the initiative  

New Book: The Infinity Machine

In a new CFR Book, Sebastian Mallaby delivers a portrait of Demis Hassabis, one of the world’s most driven tech visionaries, and of his game-changing artificial intelligence company, DeepMind.

Order the book
Book cover for “The Infinity Machine” by Sebastian Mallaby

Mr. Trump Goes to Beijing

For the first time in nine years, an American president traveled to Beijing for a U.S.-China summit. David Sacks, Zongyuan Zoe Liu, Heidi Crebo-Rediker, Chris McGuire, and Rush Doshi held a media briefing to break down what, if anything, was accomplished at the summit regarding critical minerals, economic deliverables, technology and AI, and Taiwan. Read the transcript

A New Weekly Podcast From CFR

The Spillover, hosted by Rebecca Patterson and Sebastian Mallaby, follows the ripple effects of global events across policy, geopolitics, economics, technology, and financial markets.

Apple | Spotify | YouTube

Listen
A New Weekly Podcast from CFR
 

The United States Built Its Economic Playbook for a Unipolar World. It Needs to Recalibrate.

In “How to Fight an Economic War: A Field Manual for a Ruptured World,” which appears in the May/June 2026 edition of Foreign Affairs, Edward Fishman argues that geographic and supply chain choke points are distressing even major powers, including the United States and China. He constructs a plan of attack for the United States to secure its economic security and prosperity in a post–Bretton Woods world. Read the article

Breaking the Chinese Chokehold on Critical Minerals

Council Special Report: Leapfrogging China’s Critical Minerals Dominance

In a recent Council Special Report from CFR and the Silverado Policy Accelerator, Heidi Crebo-Rediker and Mahnaz Khan assert that, although the United States can’t out-mine or out-process China, it can neutralize the threat of China’s critical minerals dominance by scaling disruptive innovation, recovery, and recycling. Read the report 

Keeping Track of a Changing World

CFR fellows have created several new interactive trackers. In “Tracking Chinese Investment in Overseas Industrial Parks,” Zongyuan Zoe Liu tracks China’s investments in factories, warehouses, and overseas industrial parks and provides detailed information about the activities performed there, the Chinese investors involved, and the proximity to strategic ports and airports.

 

Benn Steil, Yuma Schuster, and Samuel Zucker plot out currency swaps between the Federal Reserve, the European Central Bank, and the People’s Bank of China, starting from the outbreak of the 2007 financial crises and continuing through COVID-19 pandemic and into the present in the “Central Bank Currency Swaps Tracker.”

 

And in “Washington’s Growing Portfolio: Tracking U.S. Government Investments,” Jonathan E. Hillman explores the financing structures the U.S. government is undertaking to protect and strengthen supply chains and expand American technological leadership.

The Funding Chasm Holding Back American Energy Innovation

A gap in private funding for companies and projects is preventing the U.S. energy environment from becoming more sustainable, secure, and affordable. Financing the Missing Middle: Mobilizing Investment to Scale Emerging Energy Technologies, a new collection edited by David M. Hart, explores how to bridge the “missing middle” to kickstart energy innovation. Read the collection 

How to Stop Food Weaponization in Wartime

In Gaza, Sudan, Ukraine, and Yemen, food is being used as a weapon of war—despite prohibitions under international law. In “The World Agreed to Stop Using Food as a Weapon. It Hasn’t.,” Diana Roy, Michelle D. Gavin, Sam Vigersky, Steven A. Cook, and Michael Werz explore what the world can do to prevent further humanitarian crises. Read more 

 

About the David Rockefeller Studies Program

The David Rockefeller Studies Program—CFR’s think tank—analyzes global challenges and offers steps to address them. More than eighty fellows cover the world’s major regions and significant foreign policy issues. CFR produces reports, articles, videos, podcasts, and more for the interested public, the academic community, business leaders, foreign policy experts, and policymakers.

 

Council on Foreign Relations