Economist Yanis Varoufakis argues that US President Donald Trump’s tariff policy is a deliberate, aggressive strategy designed to force individual nations into one-on-one trade negotiations while ultimately benefiting domestic financial elites.
He compares this approach to the 1971 “Nixon Shock”, suggesting it marks the end of established globalisation and highlights the vulnerability of economies like the UK that rely on financialisation.
Ultimately, Varoufakis contends that while the US and China possess sufficient internal market power to absorb these shifts, Europe faces potential long-term stagnation due to a lack of cohesive industrial planning and investment
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