The Great Power Show: MAGA & Global Trade - Reset or Rupture?

The past eight months have been among the strangest in recent times. The Trump administration has given substance to its rhetoric on tariffs, redrawing the landscape of the world economy. There have been some deals, but the details are scant. Ambiguity, it seems, is not just a negotiating position, but also evident in outcomes. On the surface, allies and partners are seemingly being punished, while challengers and rivals are being courted. There’s a deep sense of coherence in policy.

So, what is it that the Trump administration and the MAGA coalition that he rode to power truly want from the world? What is the economic order that they desire? Is there even a shared vision of the economic order America is trying to build? And behind the scenes, who is actually pulling the levers—on trade, on industrial policy, and on economic security?

To unpack all this Manoj Kewalramani reached out to Peter Harrell, a leading expert on US economic statecraft. Peter is a Non-Resident Fellow at Carnegie and hosts the fantastic Security Economics Podcast. The conversation delves into the thinking driving the Trump administration’s policies on trade and economic security, the nature of the deals that the US has inked with some of its partners and allies, how Washington is recalibrating its China strategy, and what all of this means for India and the global economic order.

Access the full podcast here on Spotify

(Also available on Apple and Substack)