Macro Mechanics

The New Rules of Trade


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In the final weeks of July 2025, the global economic landscape was fundamentally reshaped. Within days of each other, the United States finalized sweeping trade frameworks with two of its largest partners: the European Union and Japan. Forged under the intense pressure of looming, punitive U.S. tariffs, these are not conventional trade deals. They represent the clearest manifestation yet of a new, disruptive American trade policy—one that prioritizes bilateral pacts over multilateral treaties and leverages raw economic power to achieve geopolitical ends.

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Macro MechanicsBy Mike Ross