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In the last two decades, a new form of economic warfare has emerged, pioneered by officials from the George W. Bush era, who transformed the global financial system into a potent weapon against their adversaries. The key was leveraging economic resources that the US dominates–such as the US dollar–to exert pressure on adversaries. Tariffs, though not traditionally considered a tool of economic warfare, have historically been used for economic reasons, such as securing reciprocal trade agreements or protecting domestic industries from foreign competition. Trump, however, has so far treated them as a catch-all solution for all sorts of issues, including the migrant crisis. “He’s trying to use tariffs as this cure-all, almost like a magic bullet to solve every possible problem,” says Edward Fishman, a former State Department and Treasury sanctions official under the Obama administration. “Tariffs are actually a weak tool if you're using them as a national security weapon.”

American Power in the Age of Economic Warfare

Chokepoints: American Power in the Age of Economic Warfare [Fishman, Edward] on Amazon.com. *FREE* shipping on qualifying offers. Chokepoints: American Power in the Age of Economic Warfare

America has used sanctions excessively and inappropriately. By the time Russia invaded Ukraine, they were badly needed—but no longer effective.

China, Russia and even U.S. allies have developed retaliatory options that could deeply hurt America’s economy and standard of living.

YouTube video by Bloomberg Television