The Right Way To Fight a Trade War

This week, guest host Eric Boehm is joined by Financial Times columnist and economist Soumaya Keynes to discuss her new book, How to Win a Trade War.

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They examine Donald Trump’s tariff policies, whether trade wars can ever be won, and why Keynes believes that simply saying no one wins a trade war is no longer enough. She explains how China’s economic model challenged the old rules-based trading system and why many policymakers now see Beijing as a unique economic rival.

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They also discuss the collapse of the World Trade Organization’s dispute-settlement system, the growing role of national security in trade policy, and the difficulties of coordinating with allies in an increasingly fragmented global economy. Finally, Keynes explains why trade wars require restraint, how economic conflicts can spiral into broader geopolitical tensions, and what a future trading system might look like.

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0:00—Can trade wars be won?

5:03—Differences in the second Trump administration

8:15—The analogy of pirates for global trade

16:44—The collapse of the rules-based trading system

20:13—How China changed the global economy

24:36—Trade policy and national security

31:52—The future of the global trading system

39:38—How should the next president handle trade?

40:46—Soumaya Keynes musical performance

Producer: Paul Alexander

Audio Mixer: Ian Keyser