On Christmas Day 1991, the Soviet Union ceased to exist and with it the Cold War.

At the same time, China was amid its rapid expansion and opening to the world.

Now, times have changed. Russia is again a principal American adversary

now joined by a much stronger competitor, China. The challenge presented by both

nations and the missteps made by U.S. Presidents in dealing with

both along the way is the subject of a new book. Here's Nick Schifrin.

After the end of the Cold War, successive presidents and administrations considered China an economic

partner who should be integrated into the West.

And they tried repeatedly for resets with Russia.

Today, there's bipartisan consensus that China is the US's

most important long-term challenge and Russia is trying to redraw the borders of

Europe while hacking into US government agencies and promising no limits cooperation with Beijing.

That transformation of what the US calls great power competition is the story told in the

book New Cold Wars, China's Rise, Russia's Invasion, and America's

struggle to defend the West by the New York Times is David Sanger.

David, thanks so much. Pleasure to have you back on the news hour.

Great to be with you, Nick.

How, as you write, did bipartisan faith in globalization

become, quote, what you call the fantasy era

of 21st century foreign policy.

After the fall of the Berlin Wall,

there was just an assumption, a flawed assumption,

...