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KUALA LUMPUR, Malaysia, Dec 16 2025 (IPS) - The new US National Security Strategy (NSS) repositions the superpower’s role in the world. Hence, foreign policy will be mainly driven by considerations of ‘making America great again’ (MAGA).


Changing course

The new NSS no longer presumes US world leadership and alliances based on values. It breaks with earlier post-Cold War foreign policy, upsetting those committed to its sovereigntist unipolar world.


Quietly released on December 4, it is certainly not an easily forgettable update of long-established positions, cloaked in obscure bureaucratic and diplomatic parlance.

Mainly drafted under the leadership of ‘neo-con’ Secretary of State and National Security Adviser Marco Rubio, it is already seen as the most significant document of Trump 2.0.

It asserts, “The days of the United States propping up the entire world order like Atlas are over.” Instead, foreign policy should now prioritise advancing US interests.


New priorities

The NSS implies the US will no longer be the world’s policeman. Instead, it will exercise power selectively, prioritising transactional rather than strategic considerations.


It emphasises economic strength as key to national security, rebuilding industrial capacity, securing supply chains and ensuring the US never relies on others for critical materials.


Even if the Supreme Court overrules the President’s tariffs, the US has already secured many concessions from governments fearful of their likely adverse impacts.


The NSS is ostensibly based on MAGA considerations involving immigration control, hemispheric dominance, and cultural ethno-chauvinism.

Mainstream commentators complain it lacks the supposedly enlightened values underlying foreign policy in the US-dominated world order after the Second World War.

They complain the new NSS is narrow in focus, redefining interests, and sharing power. Its stance and tone are said to be more 19th-century than 21st-century.

Besides pragmatic imperatives, mixed messages may be due to unsatisfactory compromises among rival factions in Trump’s administration.


MAGA foreign policy

Long-term observers see the NSS as unprecedented and blatantly ideological.


White supremacist ideology influences not only national cultural politics but also foreign policy. The NSS unapologetically promotes Judaeo-Christian chauvinism despite the constitutional separation of church from state.


MAGA’s ‘America First’ priority is evident throughout. Border security is crucial as immigration is deemed the primary national security concern.


For Samuel Huntington, immigration threatens the US by making it less WASP (White Anglo-Saxon Protestant).


The NSS blames social and economic breakdown on immigration. Inflows into the Western Hemisphere, not just the US, must be urgently stopped by all available means.


Ironically, the US has long been a nation of immigrants, with relatively more immigrants than any European country. Its non-white numbers are almost equal to whites.


Trump’s neocolonial interpretation of the 1823 Monroe Doctrine emphasises the Americas as the new foreign policy priority.


Foreign rivals must not be allowed to acquire strategic assets, ports, mines, or infrastructure in Latin America and the Caribbean, mainly to keep China out.


Trump’s NSS prioritises the Western Hemisphere, with Asia second. Africa receives three paragraphs, primarily for its minerals.


Europe is downgraded to third, due to its ostensible immigration-induced civilizational decline. Surprisingly, the NSS urges halting North Atlantic Treaty Organisation (NATO) expansion.


China near peer!

The NSS policy on China is widely viewed as unexpectedly restrained. China remains a priority, but is no longer its primary antagonist; it is now a peer competitor.


Now, the US must rebalance its economic relationship with China based on mutually beneficial reciprocity, fairness, and the resurgence of US manufacturing.


The US will continue to work with allies to limit China’s growth and technological progress. However, China is allowed to develop green technologies due to US disinterest.


Meanwhile, US hawks have ensured a military ‘overmatch’ for Taiwan. The NSS emphasises Taiwan’s centrality to Indo-Pacific security and world chip production.


The NSS warns China would gain access to the Second Island Chain if it captured Taiwan, reshaping regional power and threatening vital US trade routes.


With allied support, the US military will seek to contain China within the First Island Chain. However, Taiwan fears US support will wane after TSMC chip production moves to the US.


The NSS expects the ‘Quad’ of the US, Australia, Japan and India to enhance Indo-Pacific security. For Washington, only India can balance China in Asia, and is hence crucial to contain China in the long term.


Regional reordering

The NSS also downgrades the Middle East (ME). Conditions that once made the region important have changed.


The ME’s importance stemmed from its petroleum and Western guilt over Israel. Now, the US has become a significant oil and gas exporter.


Critically, the US strike on Iran in mid-2025 is believed to have set back Tehran’s nuclear programme.


The ME seems unlikely to continue to drive US strategic planning as it has over the last half-century. For the US, the region is now expected to be a major investor.


As US foreign policy is redefined, the world worries. The ME has been downgraded as Latin America has become the new frontline region.


Much has happened in less than a year of Trump 2.0, with little clear or consistent pattern of continuity or change from his first term. But policies have also been quickly reversed or revised.


While the NSS is undoubtedly important and indicative, it would be presumptuous to think it will actually determine policy over the next three years, or even in the very near future.


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KUALA LUMPUR, Malaysia, May 6 2025 (IPS) - US President Donald Trump has deliberately sown discord worldwide in attempting to remake the world to serve supposed American interests better. He will not cede influence, let alone power and control, to other nations, let alone people.


Mar-a-Lago Accord

His chief economic adviser, Stephen Miran, has offered some rationale for Trump’s tariffs besides promoting his ‘Mar-a-Lago Accord’ plan for US imperial revival. But even if most governments comply, the US deficits dilemma will not be resolved.


For Miran, Trump is reshaping the US-led unipolar world more equitably by getting others to bear more of the costs of ‘global public goods’ that the US ostensibly provides.

As geopolitical economist Ben Norton has noted, the US spends trillions on its global empire, with around 800 military bases abroad! While influential US corporate interests have benefited most, others have also gained.

The US contributed to the Global North’s reconstruction boom after World War II (WW2). After pre-empting growing Soviet influence from the last year of WW2, the US enhanced its hegemony by strengthening allies during the first Cold War.

However, Miran complains it is too “costly” to maintain the post-Cold War unipolar order without others bearing their “fair share” of the US costs of providing a “global security umbrella” and international dollar liquidity.


1985 Plaza Accord

In the 1980s, many complained about how Japan and Germany, which had lost WW2, had benefited from imposed military spending constraints and US occupation to gain industrial leadership worldwide.


At its second meeting at New York’s Plaza Hotel, the US-led Group of Five (G5), of the largest Western economies, agreed that the yen and Deutschemark should greatly appreciate against the US dollar.


This would ensure US recovery from its slowdown following dollar strengthening due to the Fed’s high-interest rate policy to quell inflation after the second oil price hike.


As the yen appreciated, Japan’s 1989 ‘Big Bang’ financial reforms sealed its fate. Its asset price bubble burst, also ending the post-war Japanese miracle boom.


Miran acknowledges US dollar “overvaluation has weighed heavily on the American manufacturing sector while benefiting financialised sectors of the economy in manners that benefit wealthy Americans”.


From Plaza to Mar-a-Lago

Unlike Plaza, Miran’s proposed Mar-a-Lago Accord, named for Trump’s private Florida retreat, will be imposed on all, especially allies in the Global North.


The Global North must improve the US trade balance by deterring imports and increasing exports by letting the dollar depreciate. Allies have been threatened with tariffs and unilateral withdrawal of the US security umbrella.


Miran’s proposal also envisions foreign governments holding 100-year US Treasury bonds. This should transfer long-term losses due to inflation to bondholders abroad.


He also wants a US sovereign wealth fund financed by revaluing US gold reserves to market prices. Meanwhile, his proposed cryptocurrency stabilisation fund already threatens to disrupt international finance.


His plan claims to reduce US trade deficits and bring back good jobs. Miran expects it will significantly shrink the US current account and fiscal deficits without requiring more tax revenue or spending cuts.


Weaker dollar not enough

Jenny Gordon has challenged Miran’s argument. She reasons that his plan is unrealisable without significantly shifting US resources from non-tradables to tradables.


Manufacturing investments needed to substitute imports and increase exports have to be financed. But the US has been a net borrower for almost half a century!


Its current account deficit reflects these savings-investment imbalances. The US would have to cut its capital account surplus by borrowing much less from others to reduce its current account deficit.


Making manufacturing more competitive requires a weaker dollar and new investment. The US must encourage Americans to save more, consume less, divert investment from elsewhere, and cut its fiscal deficit.


Otherwise, foreign borrowings financing manufacturing investments will strengthen the US dollar. Worse, a weaker greenback is needed to boost US competitiveness.


Miran may prevail

Even if US manufacturing recovers, well-paid jobs in depressed areas remain unlikely. Besides ageing, changing technology, consumption, and incomes have adversely affected prospects for reviving US manufacturing.


Government spending cuts have hurt state-sponsored research, which enabled the US to lead technological innovation worldwide until early this century.


Miran’s proposed forced conversion of US Treasury bonds held in official reserves to ‘century bonds’ will reduce confidence in the dollar and its liquidity value.


Besides lowering US borrowing costs, it would undermine the deep secondary market for US T-bills and dollar-denominated trade and financial flows—all key to dollar privilege.


The dollar’s status as a reserve currency has enabled the US to maintain massive fiscal deficits without high interest rates or the threat of currency collapse. But it has also constrained US economic options, favouring finance and other modern services.


Trump does not want to lose the dollar’s status as a reserve currency. His threat to the BRICS suggests likely harsh retaliation against efforts to reduce reliance on the US dollar.


The dollar’s status in international finance also enables the US to threaten others credibly. However, Trump’s treatment of allies reminds us that compliance does not ensure stability.


Miran presumes that trade and investment partner countries will do as he wants. While few may agree to his proposal, which will not work, not many may stand up to Trump. Worse, some are already giving lip service to the proposal.


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KUALA LUMPUR, Malaysia, Apr 22 2025 (IPS) - Donald Trump’s top economic advisor claims the President has weaponised tariffs to ‘persuade’ other nations to pay the US to maintain its supposedly mutually beneficial global empire.


Geopolitical economist Ben Norton was among the first to highlight the significance of Trump’s Council of Economic Advisers chairman Stephen Miran’s briefing at the Hudson Institute.


The Institute is funded by financiers such as media czar Rupert Murdoch, who controls Fox News, The Wall Street Journal, and other conservative media.

Miran made his case just after Trump’s electoral victory in A User’s Guide to Restructuring the Global Trading System. Miran attempts to rationalise Trump’s economic policies, which are widely seen as at odds with conventional wisdom and reason.

Enhancing US dominance

Miran defends Trump’s tariffs as part of an ambitious economic strategy to strengthen US interests internationally with a “generational change in the international trade and financial systems”.

“Our military and financial dominance cannot be taken for granted, and the Trump administration is determined to preserve them”. Miran claims the US provides two major ‘global public goods’, both “costly to us to provide”.

First, Miran claims US military spending provides the world a ‘security umbrella’ that others should also pay for. Second, the US issues the dollar and Treasury bonds, the main reserve assets for the liquidity of the international monetary and financial system.


Miran seems blissfully unaware of longstanding complaints of US ‘exorbitant privilege’. The dollar’s reserve currency status has provided seigniorage income to the US while Treasury bond sales have long financed US debt at very low cost.


Miran’s case for Trump

The White House has threatened others with high tariffs unless they make concessions, at their own expense, benefiting the US. Miran’s defence of tariffs is indirect, as part of an ostensible grand strategy.


“The President has been clear that the United States is committed to remaining the reserve [currency] provider”, Miran added. He claims US dollar hegemony is “great” and denies “dollar dominance is a problem”.


While this “has some side effects, which can be problematic”, Miran “would like to … ameliorate the side effects, so that dollar dominance can continue for decades, in perpetuity”.


For Miran, these side effects are supposedly largely adverse while ignoring the benefits to the US. Chronic US trade deficits have been possible and financed by mounting US debt, enabling the dollar to serve as a global reserve currency.


Hence, US trade deficits have been sustained since the 1960s, rather than “unsustainable”, as he alleges. US manufacturing has been “decimated” by its consumers and transnational corporations, not by an extensive foreign conspiracy.


Miran’s Guide acknowledged the ‘Triffin dilemma’. In 1960, Robert Triffin warned that the dollar’s status as global reserve currency posed problems and risks for US monetary policy.


He invokes Triffin to argue that the US must import more than it exports to provide liquidity to the world, which needs dollars for international trade and to hold as reserves.


Miran adopts the Trumpian narrative of only blaming others. However, the US expected to benefit from continuing trade surpluses at Bretton Woods. In 1944, it opposed alternative payments arrangements to deter excessive trade surpluses.


US trade deficits have grown since the 1960s with post-World War II reconstruction of the Global North and uneven ‘late industrialisation’ in the Global South.


The empire must pay

The Trump administration wants to eat its cake and still have it. It intends to strengthen US empire while minimising adverse side effects and costs.


Miran wants foreign nations to “pay their fair share” in five ways. First, “countries should accept tariffs on their exports to the US without retaliation”. Tariffs provide revenue, which has financed its global public goods provision. Second, they should buy “more US-made goods”.


Third, they should “boost defense spending and procurement from the US”. Fourth, they should “invest in and install factories in America”. Fifth, they should “simply … help us finance global public goods”, i.e., foreign aid should go to or via the US.


Miran then emphasises that Trump “will no longer stand for other nations free-riding”, and calls for “improved burden-sharing at the global level”.


“If other nations want to benefit from the US geopolitical and financial umbrella, then they need to … pay their fair share”, i.e., the world must “bear the costs” of maintaining US empire.


Trump dilemmas 2.0

Trump wants to use tariffs to force countries with trade surpluses with the US to buy more from the US. Ending these deficits would undermine dollar hegemony, which, paradoxically, Trump obsessively wants to preserve.


Miran wants other countries to convert their US Treasury bills into 100-year bonds at very low interest rates, effectively subsidising the US over the long term. He also wants nations running trade surpluses with the US to buy more long-term US Treasury securities.


Trump has threatened 100% tariffs on BRICS members and all countries promoting de-dollarisation or undermining dollar hegemony in the international monetary system.


During his first term, Trump wanted to do the near-impossible by boosting exports while preserving a strong dollar!

Miran acknowledges that the “root of the economic imbalances lies in persistent dollar overvaluation that prevents international trade balancing”. But he also insists that dollar “overvaluation is driven by inelastic demand for reserve assets”.


Trump now hopes to kill both US trade and fiscal deficit birds by cutting imports and raising revenue with higher tariffs. He also wants the world to continue using dollars despite the US budget and trade deficits and policy uncertainties.


Meanwhile, official US debt, financed by selling Treasury bonds, continues to grow. Trump has to deliver his promised tax cuts soon before his earlier measures run out. Trump is falling foul of his bluster and may have to revert to the status quo ante while denying it.


Despite Miran’s best efforts, he cannot provide a coherent rationale for Trump’s rhetoric. But dismissing Trump as ‘mad’ or ‘stupid’ obscures the impossible dilemma due to and obscured by post-war US dominance.


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About Jomo

Jomo Kwame Sundaram is Research Adviser, Khazanah Research Institute, Fellow, Academy of Science, Malaysia, and Emeritus Professor, University of Malaya. Previously, he was UN Assistant Secretary-General for Economic Development, Assistant Director General, Food and Agriculture Organization (FAO), Founder-Chair, International Development Economics Associates (IDEAs) and President, Malaysian Social Science Association. 

In The Media

TheStar 26 June 2020

TheStar 26 June 2020

The Star 20 Sept 2019

The Star 20 Sept 2019

Political will needed to push for renewable energy

The Star 10July 2019

The Star 10July 2019

Malaysian businesses need boost

The Star 9 Oct 2019

The Star 9 Oct 2019

Subsidise public transport for bottom 40%

The Edge 26 Sept 2019

The Edge 26 Sept 2019

Call for measures to counteract global headwinds

The Edge 9 Oct 2019

The Edge 9 Oct 2019

Subsidise public transportation, not fuel

The Star 8 Oct 2019

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Subsidise public transportation for bottom 70%

TheEdge 2Oct 2019

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"We need to counteract downward forces"

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You should also be warned, in case you are not already aware, of ‘click bait’ i.e. using such images simply to attract your interest, and then to download your online information for abuse for a variety of ends.

Please inform us and provide a screenshot and weblink to enable further action, which is incredibly difficult. 

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