Six months in, President Trump’s trade war has entered a new phase. Just this weekend, the European Union agreed to a trade deal that includes a promise to buy $750 billion worth of American energy products over the next three years. And this week, with the August 1 tariff deadline looming, the US and China have restarted negotiations.

Trump has been using tools of economic warfare since his first term. And the Biden administration embraced policies such as steep tariffs on electric vehicle imports from China, and levying sanctions against Russia aimed at stifling its energy sector.

These economic chokepoints are part of a broader shift of the global economy. Countries are weaponizing economic power through sanctions, tariffs, and export controls — tools that were designed before the complex geopolitical competition we see today.

So how did we get here? What does this new age of economic warfare mean for global stability and the global economy? And how might these tools reshape everything from energy markets to global banking systems in the years ahead?

This week, we’re revisiting a conversation Jason Bordoff had with Eddie Fishman about his book "Chokepoints: American Power in the Age of Economic Warfare," which came out in February. The book traces the evolution of economic warfare from the “War on Terror” to today's great power competition.

Eddie is a senior research scholar at the Center on Global Energy Policy and an adjunct professor at Columbia University SIPA. He also serves as an adjunct senior fellow at the Center for a New American Security and a nonresident senior fellow at the Atlantic Council.

Credits: Hosted by Jason Bordoff and Bill Loveless. Produced by Mary Catherine O’Connor, Caroline Pitman, and Kyu Lee. Additional support from Martina Chow and Richard Nephew. This episode was engineered by Sean Marquand and Gregory Vilfranc.

Note: This episode is a re-run. It was originally published on February 11, 2025.

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