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In international relations, interactions between states are often understood through a transactional lens. A transactional approach treats diplomacy as a series of discrete deals, short-term and conditional exchanges governed by a strict calculus of quid pro quo. Its focus is immediate gain and measurable returns. The turbulence in transatlantic relations over the past year illustrates the strengths and weaknesses of such an approach. At the Munich Security Conference earlier this month, US...

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