The modern international economy is in the process of rearranging itself now due to the growing geopolitical competition that is commonly referred to as a “New cold war.” In contrast to the ideological bi-polarity of the twentieth century, this period is marked by economic interdependence coupled with strategic decoupling. The competition among the key powers and especially between the US and China has enhanced techno-nationalism, and reforms trade alliances as well as prompts a re-organization of supply chains worldwide. In this chapter, the authors explored the development of geopolitical blocs, the element of technology in the national security policies, and the disaggregation of the global value chains (GVCs). It also examines how firms and governments respond strategically, and the implications of the responses on globalization, resilience, and economic governance in the long-run.