Trump has thrown out the global economic playbook. It’s time for Australia to write its own rules | John Quiggin

We must ditch the illusion that the US will return to normal and instead become more self-reliant

Get our breaking news email, free app or daily news podcast

With the resumption of parliament this week, and an election only months away, we have seen even more of the usual point-scoring about the cost of living, tax breaks for long lunches and budget deficits. But since the return of Donald Trump to the White House, the assumptions on which Australian economic policy have always been based are obsolete.

It’s not just the “rules-based international order”, symbolised by the already moribund World Trade Organization, that is gone. Trump is ruling by decree (more politely referred to as “executive order”) and encountering little resistance. Corporations have rushed to buy his favour (or placate his wrath). The US Treasury appears to have been turned over to Elon Musk. No one can predict what will happen here, but a major financial crisis can’t be ruled out.

John Quiggin is a professor at the University of Queensland’s school of economics

Topics

Trump Tariffs Threaten to Upend Global Economic Order

The invoking of national security to unravel trade agreements could scramble the international trading system in China’s favor.
The New York Times - 4d
Democrats' playbook for Trump 2.0: Tune out the noise and focus on economic issues

As Trump floods the zone in his first week, Democrats are departing from their "resistance" strategy in his first term and zeroing in on economic issues.
NBC News - Jan. 28
Tennessee Legislature Meets With Trump Playbook on its Agenda

A special session that began on Monday pairs disaster aid with two priorities for both the president and Gov. Bill Lee of Tennessee: tougher immigration laws and school vouchers.
The New York Times - Jan. 27
Has South Korea just witnessed its own January 6 moment?

Protesters who stormed a Seoul court at the weekend may not have worn animal skins, but the similarities are striking. They arrived intent on causing mayhem. The political figurehead they supported ...
The Guardian - Jan. 20
Global trade will survive ‘initial shock’ of Trump’s rule, says Malaysia PM

Anwar Ibrahim argues that the US has lost ground to China in south-east Asia
Financial Times - Jan. 20
Trump expected to quickly revive 'global gag rule' on abortion

President-elect Trump is expected to reinstate a controversial policy soon after taking office that would further bar foreign nongovernmental organizations that perform, counsel on or provide ...
The Hill - Jan. 19
For fear of finding something worse: Trump and the end of the global rules-based order

The impending second presidency of Donald Trump is a challenge to the framework of global politics and diplomacy that it may not survive.
The Hill - Jan. 12
Threat of Trump tariffs adds to global economic uncertainty, IMF warns

Kristalina Georgieva says unpredictability of US trade policy is driving up borrowing costs around the world
Financial Times - Jan. 10
A Trump playbook for ‘maximum pressure’ on Iran

At this late hour, the United States cannot afford more diplomacy on Tehran’s terms.
The Hill - Jan. 10
Trump has limited powers to fight an economic cold war

The new president is not the man to shore up the US ‘economic security state’
Financial Times - Jan. 9

More from The Guardian

Trump imposes sanctions on ICC, accusing it of targeting US and Israel

US president has been critical of court since it issued arrest warrant for Netanyahu over alleged war crimes in Gaza. Donald Trump has signed an executive order that authorises aggressive economic ...
The Guardian - 2h
Defector who exposed Assad’s brutality calls for Syria sanctions to be lifted

The former military officer, previously known only as ‘Caesar’, smuggled evidence of thousands of deaths out of the country. A former Assad regime military officer who defected with a trove of ...
The Guardian - 4h
Authoritarian regimes around the world cheer on dismantling of USAid

Elon Musk-led razing of US foreign aid agency led strong-arm rulers in Hungary, Belarus and elsewhere to celebrate. Moscow has welcomed the impending dissolution of USAid , joining a chorus of ...
The Guardian - 8h
Elephant in the womb? Thailand brings in birth control for pachyderms

Authorities are hoping to to slow population growth and curb conflict with humans. Thailand will begin giving birth control to a small number of wild female elephants this year, as the country ...
The Guardian - 2h
Interpreter who stole $17m from MLB star Shohei Ohtani jailed for nearly five years

Ippei Mizuhara, 39, pleaded guilty to fraud after using millions of dollars to cover substantial gambling losses. A former interpreter was sentenced on Thursday to nearly five years in prison for ...
The Guardian - 3h