Odd Lots Michael Froman on the New 'Polyamorous' Global Trading System
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Sep 20, 2025 
In a fascinating discussion, Michael Froman, former U.S. Trade Representative and current president of the Council on Foreign Relations, explores the collapse of the old global trading system. He dives into how aggressive tariffs and shifting policies have led to a 'polyamorous' trading world, where countries engage fluidly with various partners. Froman also highlights the implications of friendshoring and the economic security tradeoffs that come with evolving alliances, offering a thought-provoking look at the future of global trade.
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Dairy Lesson From Farmers
- Froman learned granular industry details like how American farmers manipulate dairy molecules to evade trade barriers.
- He used these practical lessons to inform complex trade negotiations as U.S. Trade Representative.
Multilateral Trade System Under Long-Term Stress
- The post-war multilateral rules-based trading system has been under stress long before recent administrations.
- We cannot fully return to the pre-Trump trading order and must design what comes next.
China Changed The Game
- China's rise altered the incentives and exposed limits of the old rules designed by the US, Europe, and Japan.
- China now follows a different set of rules, creating systemic stress for other economies.