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Trump and the Economics of Statecraft

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Trump and the Economics of Statecraft
President Donald Trump delivers remarks during a Cabinet meeting at the White House in Washington, D.C., on April 10, 2025. Anna Moneymaker/Getty Images
Francis P. Sempa
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Commentary
The Trump administration’s reciprocal tariffs have caused stock markets to panic and U.S. trading partners and President Donald Trump’s domestic political opponents to complain about harmful “trade wars.” Some partisan economists have compared Trump’s tariffs to the infamous Smoot-Hawley tariff of 1930, which is often blamed for prolonging the Great Depression, although Amity Shlaes among others have placed greater blame for this on FDR’s New Deal policies. What is missing from most of the reactions to Trump’s tariffs, however, is an appreciation for their contribution to the administration’s larger geopolitical strategy.
Francis P. Sempa
Francis P. Sempa
Author
Francis P. Sempa is an attorney, an adjunct professor of political science at Wilkes University, and a former contributing editor to American Diplomacy. Mr. Sempais is the author of “Geopolitics: From the Cold War to the 21st Century,” “America’s Global Role: Essays and Reviews on National Security,” “Geopolitics and War, and Somewhere in France,” “Somewhere in Germany: A Combat Soldier’s Journey through the Second World War.” He has written lengthy introductions to two of Mahan’s books, and has written on historical and foreign policy topics for The Diplomat, Joint Force Quarterly, the Washington Times, The American Spectator, and other publications. He also writes a monthly column Best Defense for RealClearDefense.