Report summary 2

01 Introduction 4

02 Trump’s trade policy shock 7

03 Other international aspects of Trump’s economic governance shock 20

04 How should the rest of the world respond to the Trump shock? 35

05 The case for a ‘third pole’ in global economic and financial governance 39

06 How should the third pole be established? 46

07 Technology and the third pole 62

08 Conclusions 65

About the author 67

Acknowledgments 68