The trade confrontation between the United States and China has led to geoeconomic fragmentation and the disruption of existing trade and economic ties between states, which formed as a result of the 2008–10 global financial crisis. However, the problems arising in connection with the evolution of this phenomenon, its possible forms, and the consequences for the economic world order remain poorly understood. This article assesses the influence of the economic security factor in the trade policy of the United States and China on the formation of the geoeconomic fragmentation phenomenon, as well as the dynamics of this phenomenon’s development outside the framework of the confrontation between the United States and China. In the course of this study, a composite index was used to formalize the trade aspect of geoeconomic fragmentation. The data selected contain trade indicators for 120 countries from 2008 to 2022. Ultimately, we conclude that the economic security factor in U.S. and Chinese trade policies has indeed become a catalyst for geoeconomic fragmentation and, despite its declining influence on this process between 2018 and 2020, the rest of the world continues to play a smaller role in its evolution and development. Finally, this study is expected to contribute to a better understanding of the geoeconomic fragmentation concept and draw the attention of policymakers and economists to the need to reform multilateral institutions in light of the destabilization of global integration.