Martin Wolf in conversation with Ann Bernstein
- In September 2025, Ann Bernstein, executive director of CDE, spoke to Martin Wolf, chief economics commentator at the Financial Times, about the changing world order and how Donald Trump’s presidency is impacting on America and the world.
- Martin Wolf has long regarded Trump as an able demagogue with strong authoritarian leanings. Trump was somewhat constrained during his first term, but during the first year of his second term, he quickly revealed himself as a man with no limits, who acts in ways that are unpredictable, irrational and destructive.
- According to Wolf, the world we lived in until recently was America’s creation, but the Trump administration is seeking to undo all that. The President and his supporters are against every principle of liberal trade, and they have violated or threatened to violate every agreement America has ever made.
- In waging his effective attack on America’s greatness, Trump is supported by American business leaders looking to maximise any short-term benefits and minimise the impact of the long-term fallout that Trump’s attacks on American values and institutions will generate.
- The rest of the world should pursue more liberalisation to offset President Trump’s ‘Liberation Day’ tariffs, even if their negative impact turns out to be less severe than initially predicted.
- Whether deliberately or not, Trump’s actions benefit Russia and China. Russia, because the more unpredictable Trump is, the more unlikely he is to persist with American security commitments with Ukraine. China, because President Xi Jinping can credibly position China as a more reliable trading partner than America.
- European countries must become more integrated and spend more on defence. Unfortunately, the leading countries are seemingly reluctant to go down this road. They have so far failed to rise decisively to the challenge of a more powerful and belligerent Russia.
