Biden Will Need to Repair a Global Economic Order Trump Damaged
The president-elect won’t be rebuilding the same old system.
If Donald Trump has illustrated anything as president, it’s that the postwar global economic order is more fragile than anyone thought. Think of America’s trading relationships and rank in the world as a painstakingly assembled collection of delicate pottery that for generations has been a source of civic pride and envy from the neighbors. Trump and his deputies have been the raucous gang of teenagers barging their way through, leaving a trail of chipped and smashed artifacts. President-elect Joe Biden is the genial grandfather leading a new team brought in to mend what they can. The questions now are: How much will they save? And how creative will they get in the reconstruction?
The good news for a global economy straining under the weight of a resurgent pandemic is that Trump and his band haven’t destroyed the liberal order, as many feared. They’ve left it battered. Perhaps they’ve even prepared its defenses better for another economic assault from China. But anyone thinking that Biden is simply planning to rebuild the U.S.-led order the way it was might be in for a surprise.