Donald Trump’s tariffs may not amount to the end of neoliberalism. But their potential success — a sign that the neoliberal consensus is no longer hegemonic — suggests that the old world is dying, and the struggle over what replaces it has only just begun.

Donald Trump is winning the tariff war — sort of. Last spring, new Canadian prime minister and former central banker (and Goldman Sachs alum) Mark Carney declared that nearly a century of American-led global economic order was coming to an end. “The system of global trade anchored on the United States . . . is over,” Carney said, calling it both a “tragedy” and a “new reality.” Trump was remaking the global trading system, and the world was left to scramble.

As Trump levied tariffs on US trading partners one by one — demanding they str

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