Something to chew on. Source: Shutterstock
Trust.
It is the Cornerstone of Business, Geopolitics, and Global Stability.
In commerce, geopolitics, and everyday life, trust is the invisible currency that underpins all relationships. It must be painstakingly built over years, sometimes decades, through consistent actions, adherence to commitments, and a mutual understanding of facts and the belief that agreements, policies, and expectations will not be arbitrarily upended. Yet, trust is uniquely fragile — it can be shattered in an instant by an act of bad faith, policy reversals, or unpredictability in governance. Today, we find ourselves in an era where that trust is being tested like never before.
The Value of Trust in Business
For senior executives in the electronics industry, trust is not just a philosophical concept; it is the bedrock of operations, investments, and supply chains. Companies rely on a stable regulatory environment, enforceable contracts, and predictable market conditions. Businesses make capital investments based on long-term projections of policies, taxation, and trade agreements. Without trust in these foundational elements, decision-making becomes fraught with uncertainty, increasing risk and reducing innovation.
Consider semiconductor manufacturing, a sector where investment horizons stretch across decades. The construction of a single fab costs billions of dollars. Committing to this investment requiring assurance that policies governing trade, taxation, and labor conditions will remain relatively stable. Any abrupt changes — whether in tax incentives, export restrictions, or intellectual property protections — can severely impact return on investment. Trust in government policies is, therefore, paramount to long-term strategic planning.
Geopolitics and international relations
Beyond the boardroom, trust is equally critical in international relations. Alliances, trade agreements, and diplomatic partnerships are all predicated on the assumption that commitments made today will be honored tomorrow. The erosion of trust between nations leads to economic decoupling, trade wars, and conflicts that disrupt global stability.
The electronics industry is acutely sensitive to geopolitical shifts. Supply chains are deeply intertwined across multiple continents, with critical components sourced from Asia, Europe, and North America. When trust between trading partners deteriorates, businesses are forced to reassess their supply networks, stockpile components, or shift production, increasing costs and inefficiencies.
Erosion of trust
A paradox of trust is that it takes years to build but can be lost in a flash. A single breach of commitment — a trade restriction imposed without warning or justification, a sudden policy reversal, or a regulatory crackdown — can send shockwaves through industries and markets. This is why predictability and consistency in governance matter so much. When businesses and international partners can no longer take continuity for granted, they hedge their bets, slow their investments, and seek alternative — perhaps even less efficient — ways of operating.
While every new administration brings policy adjustments, the first two months of the current U.S. administration have introduced a level of unpredictability that has sent ripples across industries. A torrent of executive orders and regulatory changes have raised concerns about policy consistency, eroding trust in government-business relations.
For example, shifts in industrial policy, particularly around tariffs, trade restrictions, and export controls, have left businesses scrambling to reassess supply chains. When export policies on semiconductors and AI technologies change abruptly, companies are forced into costly compliance efforts and, in some cases, risk losing access to key international markets. These are not mere inconveniences; they have profound financial and strategic consequences.
Similarly, sudden reversals or modifications to tax policies and incentives for manufacturing investment, like the Chips Act, have created hesitation among executives making billion-dollar investment decisions. If businesses cannot trust that tax credits or investment incentives will remain in place long enough to justify their spending, they will hold back on expansion, ultimately slowing economic growth.
On the international stage, the administration’s approach to trade relations has been another point of contention. Unilateral decisions, unexpected tariff increases, and a lack of clear communication with key trading partners have raised questions about the reliability of the U.S. as a stable economic partner. Foreign governments and multinational corporations are recalibrating their strategies, anticipating that commitments made today may not hold tomorrow.
Restoring and strengthening trust
Once damaged, trust is difficult to rebuild, but it is not impossible. The key is consistency, transparency, and a commitment to honoring past agreements. Here are a few ways in which trust can be restored and strengthened:
- Policy Stability and Predictability – Governments must recognize that businesses thrive on long-term predictability. Major policy changes should come with reasonable transition periods and open dialogues with industry leaders to mitigate disruption.
- Clear and Consistent Communication – Ambiguity breeds uncertainty, which in turn erodes trust. Administrations must articulate clear policy directions and avoid sudden reversals that leave businesses scrambling to adjust.
- Commitment to Global Cooperation – Economic nationalism may offer short-term political benefits, but today we live in an interconnected world, so trust between nations is vital for prosperity. Strengthening trade alliances and adhering to established agreements reinforce credibility on the global stage.
- Industry-Government Collaboration – Policymakers should engage directly with business leaders when crafting regulations that impact critical industries. A collaborative approach fosters trust and ensures that policies align with economic realities.
A critical inflection point
Trust is not just a virtue; it is a competitive advantage. Countries and companies that cultivate trust gain investment, forge stronger alliances, and navigate uncertainties more effectively. Conversely, those that undermine trust, whether they do it intentionally or not, invite instability, reduce economic growth, and push partners to seek alternatives.
For the electronics industry, and indeed for global commerce as a whole, the events of the past two months serve as a stark reminder of how quickly trust can erode and how much effort it takes to rebuild. As we move forward, both businesses and policymakers must recognize that trust is not inexhaustible. It must be nurtured, protected, and reinforced through actions that inspire confidence rather than doubt. The stakes could not be higher.
Now, I’m hungry, so let’s see What’s Cooking at my house.
Creamy, Spicy, Tomato, Beans, and Greens
I’ve been trying to up my vegetarian and vegan game, not so much to eliminate animal proteins, but to cut back a bit. Fortunately, as many of my non-meat-eating friends can attest, it can be done without compromising taste or satisfaction. Don’t get me wrong. I still enjoy a hunk of red meat now and again — lamb chops, a few days ago, for example — but we don’t need to eat it for dinner every night.
So we opted for this vegetarian dish of beans and greens, selected, as many of my recipes are, from the NY Times Cooking library. The dish shares many characteristics of my favorites: 5-star rated, inexpensive and pantry-friendly ingredients, and easy to prepare and cook. As many of you know by now, my daughter doesn’t do “spicy,” so I didn’t use the crushed red pepper as the recipe suggested, although we did add it — and a dribble of my favorite ghost-pepper sauce — at the end.
No doubt this wasn’t the most delicious thing I’ve prepared this year, but it was tasty and quick and, topped with the toasted panko, arugula and served with toasted bread, it was very satisfying and warming for a cold winter night.
Creamy, Spicy, Tomato, Beans, and Greens (Recipe adapted from Alexa Weibel/NYTimes)
Time: 40 minutes
Serves: 4
Ingredients
- 6 tablespoons olive oil
- ⅔ cup panko bread crumbs
- Salt and black pepper
- 1 medium yellow onion, minced
- 4 garlic cloves, minced
- ½ teaspoon crushed red pepper
- ⅓ cup tomato paste
- 2 (14-ounce) cans cannellini beans or other creamy white beans, rinsed
- 1 cup heavy cream
- ½ cup chopped jarred sun-dried tomatoes in oil
- ⅔ cup finely grated Pecorino or Parmesan
- 4 (packed) cups/3 ounces baby arugula
- 2 teaspoons finely grated lemon zest plus 4 teaspoons juice (from 1 lemon)
- Toasted bread, for serving
Preparation
- In a medium skillet, heat 2 tablespoons olive oil over medium. Stir in the panko, season with salt and pepper, and cook, stirring frequently and shaking the pan, until toasted and golden, about 3 minutes. Transfer seasoned panko to a paper-towel lined plate, then wipe out the skillet.
- Add another 2 tablespoons olive oil to the skillet and heat over medium. Then add the onion, garlic, and crushed red pepper, season with salt and pepper, and cook, stirring frequently, until softened, about 4 minutes.
- Add the tomato paste and stir until darkened and mixture is combined, about 3 minutes.
- Stir in beans, heavy cream, sun-dried tomatoes, and ⅓-cup water, and simmer, stirring occasionally, until flavors meld, about 5 minutes. Stir in half the cheese, then season to taste with salt and pepper.
- In a medium bowl, toss the arugula with the seasoned panko, lemon zest, and juice, plus the remaining ⅓-cup cheese and 2 tablespoons olive oil; season with salt and pepper. Pile the greens at the center of the bean mixture. Serve with toasted bread.
Enjoy!
Mike Markowitz is editor-in-chief of the Ojo-Yoshida Report. He can be reached at [email protected].
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