Ray Dalio says tariffs mask deeper U.S. decline, China rise in once-in-a-lifetime global shift

Dalio warns of a historic global shift, saying US decline and China's rise signal a once-in-a-lifetime breakdown of monetary, political, and geopolitical orders.

He views tariffs as symptoms, not causes, of deeper issues like excessive debt, inequality, and eroding global trust.

The global system is fragmenting, moving from multilateralism to rival blocs, making economic interdependence unsustainable.

Markets remain shaky, but Dalio urges focus on broader, long-term forces behind rising instability and policy disruptions.