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At Davos, Canadian prime minister Mark Carney warned that the “post–Cold War rules-based international order” is no longer holding, and that countries must “take on the world as it is, not the world we wish to see.” That admonition applies even more forcefully to CEOs. Their corporate strategies built for yesterday’s order are now exposed to risks they no longer control. For three decades, American multinationals operated on a quiet assumption: that geopolitics would remain largely external to commercial decision-making. That assumption survived the 1990s and 2000s even as cracks appeared in the global trading system. Today, it is not…