The end of US hegemony

Trumponomics in foreign trade and investment

The Trump government signals unequivocally the end of international US hegemony. An international hegemon is able to define rules that find relatively broad acceptance internationally and plays a role in safeguarding international economic stability. The Trump government which is formed by oligarchs, top managers and former high ranking military officials announced measures that go against the present economic rules while not proposing new ones. De facto, this is an abdication from the role of an international hegemon, Joachim Becker writes.

Economically, the hegemonic position of the USA has been eroded already for many years. The US economy has incurred substantial trade and current account deficits. Its growth has relied on massive capital imports. Never before, could such traits be observed in the case of an international hegemon. Due to the structural current account deficits, protective policies would not be unsuited to the US case. For significant sections of the working class, protective policies can be potentially beneficial. Therefore, the protective discourse of Trump has been attractive to many working class voters in the USA...

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Find in this article:

Financial deregulation as a priority
Bilateral instead of regional trade agreements
Trade salvos at China and Germany …
… and Mexico
Worrying parallels

The author:

Dr. Joachim Becker is a.o. Professor at the Vienna Wirtschaftsuniversität.

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