Donald Trump sees himself as the deal-maker. He has to reach many agreements to save the US. Without credibility, this will come to nothing, because the power of the US as a substitute for credibility is on the wane.

Donald Trump is reshaping the global economic order by reviving protectionism. He defends higher tariffs as essential to curbing the fentanyl influx, revitalizing industry and reducing the trade deficit. His economic policies are as polarizing as they are thought-provoking. Emmanuel Todd offers valuable insights into the underlying dynamics of the American economy.