[Global Strategy] US Economic Statecraft: Days of Future Past

In November, we argued the re-election of President Trump would see a shift to economic statecraft over policy: this has proved to be the case. This follow-on report cross-references Trump administration policy announcements against the toolkit we laid out. We have also updated our US historical economic statecraft heatmap vs. the long-run heuristic. In short, the breadth of US economic statecraft is matching that seen in WW2, and the heat that of the Cold War. However, the US is also echoing earlier epochs, with elements of 19th, and even 18th century statecraft evident. A further break from the idealist liberal world order, even after recent shocks, still has huge implications for volatility in real trade flows and financial markets.