This edition of Canada Among Nations over the last year and projects forward into the year 2022. 2021 was a year of challenges for Canada and a watershed in its engagement with the global political economy. Beset by a pandemic, hemmed-in by an America-first administration in Washington and punitive recrimination from a Chinese government with global ambitions, the shrinking horizons of a foreign economic policy premised on liberal internationalism and multilateral institutionalism have sapped Canada’s global ambitions.