Feeling this at my company.
The amount of time I have spent working with European customers has dropped a lot. They are doing whatever they can to buy European instead.
Crazy compared to how freely things worked out years ago. Early 2000s I worked at a company basically doing stuff with all sorts of folks from USA to Europe to Russia to China.


Doesn't really create symmetry for risk/reward, because, for example, the corporate leadership decides how much to pay out to investors versus how much they spend including a lot of their own compensation.
So they can carve out the reward as they see fit, but if things go bad they can lean on the public investment as leverage to get bailouts.