Part 8/12:
Economic issues — tariffs, technological competition, and infrastructure — remain key. Trump’s emphasis on re-industrialization and economic independence was seen as a core element of his foreign and domestic strategy, especially concerning China.
The Fiscal and Institutional Challenges
A sobering thread was the recognition of the unsustainable fiscal trajectory of the United States. Ferguson referenced the “Ferguson’s Law,” noting that countries spending more on debt interest than defense are unlikely to remain great powers. Today, America’s debt exceeds 120% of GDP, a trajectory that risks impairing its capacity to project power and defend its interests.