Just a year ago, Latin America’s major business families — owners of some of the world’s largest fortunes — were watching anxiously for the effects of the tariff wall erected by U.S. President Donald Trump. One year on, they are observing with concern the geopolitical upheaval unleashed by Trump, with an unprecedented change to the liberal international order built after World War II. The new national security strategy outlined by the Trump administration singles out Latin America as a new priority. The Republican tycoon has designated the entire region as his sphere of influence: as both his backyard and his front yard.

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