Whether it is neoliberalism or neoconservatism, as seen with the rise of Trump, it fundamentally serves to protect the hegemony of the rentier class while increasing the burden on working people. Since the 1970s, governments, academia, and the media have promoted ideals like free markets, trade, a level playing field, and multilateral trade norms where countries are seen as equal trading partners–at least in principle. The concept of a “flat world” and the “global village” symbolised interdependence between countries based on mutual gains. Tariffs were generally reduced, capital flows were freed from regulations, and many commentators believed in an economic system where power relations were mystified, or the center of power became invisible. Imperialism, for many, seemed like a thing of the past, as if the process of accumulation were entirely detached from power relations. There was a belief that markets, if not entirely eradicating societal asymmetries, at least ensured equal participation rights, making the world appear less unequal, and that one country could no longer be blamed for another’ s underdevelopment.

　　Trump has upended this discourse. His pronouncements over the past few months convey a simple message: the world is not one of equals, nor does the US believe it should be. Weak countries must recognize and accept their subordination to stronger nations. The US, particularly oligarchs like Donald Trump, Elon Musk, Harlan Crow, and Rupert Murdoch, seeks to shape the world according to their own image. The hypothetical Mar-A-Lago accord, proposed by the Hudson Institute–a neoconservative think tank funded by right-wing billionaires–lays out a position paper calling for the U.S. government to restructure the global trade and financial architecture. The Trump shock is disruptive not only because of the arbitrary escalation of tariffs but also to the liberal consensus that power in economic functioning should be instead, they would act as a tax on US consumers, who would be forced to pay higher prices for the goods they purchase. Taxing the US public allows Trump to maintain reduced corporate taxes, which were initially set to increase this year. The tax relief for corporations would be funded by tariffs imposed on the working class. However, this would be framed as a strategy to revive manufacturing jobs for US workers. Some investors may be coerced into relocating their production to the US while, for most countries, their domestic markets would be opened up to increased US exports.

　　There will be increased uncertainty and tension between countries as they must reposition themselves in relation to the new world order. However, the world has changed significantly since the Bretton Woods era. The US share of global GDP has shrunk considerably. In 1944, the US was the manufacturing hub of the world, but now it is China. The BRICS countries now account for 42 percent of global GDP, while the US share has fallen to 26 percent. Asia, particularly India, is driving global growth, with India currently recording the highest GDP growth in the world. The world is no longer the same as it was during the Plaza Accord of 1985. Developing countries of the global south now have enough strength to build regional cooperation and counter US pressure. This will gradually reduce the importance of the dollar in the future. Imperialism is knocking at the door, and protecting the autonomy of nations will largely depend on the struggle of working people, who can prevent ruling class parties from succumbing to US pressure.

　　Editor: Zhong Yao  LiuTingting

　　From:https://peoplesdemocracy.in/2025/0504_pd/us-imperialism-and-project-new-cold-war（2025-5-4）