This is GPS, the global public square. Welcome to all of you in the United States and around the world. I'm Farid Zakaria.

Today on the program, the prices Americans pay at the pump, the car lot and the cash register are up, up, up.

Consumer prices spiked more than they have in over 30 years.

Everything from a gallon of gas to a loaf of bread costs more.

Why is this happening and can we stop it?

I will ask Larry Summers.

Then CIA director Bill Burns went to Moscow earlier this month and talked to President Putin about Russia's military build-up close to its border with Ukraine.

Just what are Russia's intentions? Is another invasion imminent?

I feel the hill will weigh in. And the heartbreaking scenes at the Poland Belarus border.

Migrants stuck in a no-man's land, blocked on both sides.

It is all part of a clever and full tactic by Belarus to destabilize Europe.

I'll tell you what you need to know.

But first, here's my take. The joint agreement between the US and China on enhancing climate action was rightly seen as a step forward, but for now a very small step.

It did not have the kinds of specific targets that marked the 2014 agreement negotiated by the Obama administration that preceded the Paris Accords, which today have been signed by 191 countries and the European Union.

But it did suggest the resumption of serious dialogue between the world's two largest economies and largest emitters of greenhouse gases annually.

Coming as it did after years of strained relations between Washington and Beijing, it highlights the central dilemma for US foreign policy going forward.

Should it be focused on solving the largest and most challenging global problems? Or should it be focused on competing with China?

As Yuri Friedman notes in the Atlantic, President Biden spoke at the UN General Assembly in September.

It is the fundamental truth of the 21st century. Our security, our prosperity, and our very freedoms are interconnected in my view as never before.

And so, I believe we must work together as never before.

When thinking about the cutting edge issues of the future, such as climate, pandemics, cyber war fans, cyber security, it's difficult to see how much can be achieved without some collaboration between the United States and China.

And yet, Biden has also promised that his administration would pursue a policy of extreme competition with China.

...