Swamp Notes How to rebuild global trade
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Aug 23, 2025 
Michael Froman, former U.S. Trade Representative under Barack Obama and current president of the Council on Foreign Relations, dives into the shifting landscape of global trade. He discusses how recent U.S. policies have disrupted decades of progress towards free trade and the potential fragmentation of the economy. Froman examines the World Trade Organization's role in supporting smaller nations, the emergence of new trade partnerships, and the public's perception of U.S. foreign policy, especially amid geopolitical challenges.
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Rules-Based Trade Is Breaking Down
- Michael Froman argues the multilateral, rules-based trading system has effectively collapsed with the US and China acting unilaterally.
- He warns this will likely fragment global trade into competing spheres rather than return to big WTO consensus deals.
WTO Is Imperfect But Still Valued
- Alan Beattie stresses the WTO was never a perfect central negotiator and has long been a patchwork of arrangements.
- He cautions many countries still value the WTO protections, so declaring it dead is premature.
WTO Protections Matter For Small States
- Most-favored-nation (MFN) treatment and dispute settlement give small countries protections against big powers.
- Alan and Michael note these mechanisms matter because they level the playing field for smaller economies.