Is America Shooting Itself in the Foot or Is Trump Making America Wealthy Again?

Photo from Aljazeera

Donald Trump’s decision to impose new tariffs on all goods entering the US is a “major blow to the world economy,” European Commission Chief Ursula von der Leyen said. Her comments echo those of a number of other countries, including China, which has expressed its opposition to the move and has warned it will take “resolute countermeasures” against the US. Their words of warning come after the US president announced a universal 10% tariff on all imports into the US from April 5. Around 60 countries will also be hit with steeper tariffs from April 9. Trump has said the tariffs will be used to boost US manufacturing, declaring that the move would “make America wealthy again.”

But will it?

The United States has long been the dominant force in the global economy and geopolitics, but recent years have raised an unsettling question: Is America shooting itself in the foot with these economic policies, or is Trump truly making America wealthy again? Under President Donald Trump, the country has pursued an aggressive inward-focused economic policy, slashing public spending, imposing tariffs, and championing an “America First” ideology. While Trump’s supporters argue that these measures strengthen the domestic economy, critics warn they have eroded the U.S.’s global standing.

The Illusion of Economic Strength?

The United States was once the undisputed manufacturing powerhouse of the world, but that dominance has been steadily eroding. In 1945, America accounted for half of all global manufacturing; today, that figure is closer to 16%. Meanwhile, America’s national debt has ballooned to $36 trillion and is growing by $1 trillion annually. Trump’s solution? A sweeping set of tariffs meant to revitalize U.S. manufacturing and reduce reliance on foreign goods.

On the surface, some of Trump’s economic moves look like a success. The stock market soared during his tenure, and unemployment hit historic lows before the COVID-19 pandemic disrupted global economies. In 2019, the U.S. had a GDP of $21.43 trillion, making it the world’s largest economy. His administration argued that cutting public spending, deregulating industries, and imposing tariffs on China, Canada, and Mexico were necessary to restore American competitiveness.

These policies have far-reaching consequences, especially for the average American consumers. Strained relations with long-time allies will disrupt supply chains and raise costs for American businesses. Additionally, slashing government institutions is likely to weaken America’s ability to respond to crises, as seen during the pandemic. The push to decouple from global markets, rather than making America stronger, might render many sectors vulnerable to instability.

America’s Waning Global Influence

Historically, great powers have risen and fallen based on their ability to adapt. The Habsburg and Ottoman empires were in decline during much of the 19th century, but only succumbed to extinction because they were on the losing side in the First World War. Decline by itself is not enough to kill a great power. Sometimes it takes a war or other kind of sudden cataclysm. And empires after declining for decades can revive. It is rarely a neat fall. Both Russian and Chinese history are replete with weakening dynasties that are replaced by new ones, only to spur national revival. The U.S., despite its challenges, still has significant advantages: two ocean borders, a strong natural resource base, and an innovative economy. But these assets can only go so far if America isolates itself from global trade and cooperation.

Meanwhile, China, India, and the broader BRICS bloc are positioning themselves as alternatives to the U.S.-led world order. In 2022, BRICS nations contributed 31.5% to global GDP, surpassing the G7’s 30% share. China’s Belt and Road Initiative has expanded its influence in Africa and Asia, while Russia maneuvers diplomatically and militarily to weaken American-led alliances.

While Trump’s America looks inward, its competitors are strengthening their global networks. By disengaging from international partnerships, the U.S. risks losing the very influence that has kept it at the center of global affairs for decades.

Is Trump’s America First a Sustainable Model?

Trump’s economic model rests on the belief that an aggressive, self-sufficient America can rebuild its wealth without reliance on global trade. But global interdependence is a reality that no country can afford to ignore. The erosion of alliances, disruption of supply chains, and decline in global trust in U.S. leadership could ultimately cost America far more than any short-term economic gains.

If Trump’s policies were meant to make America wealthy again, the real question is: wealthy for whom?

The future may not feature American decline per se, but rather the gradual decline of all major powers, leading to a more unstable global order. The world is shifting, and clinging to outdated models of dominance may prove more costly than adapting to new realities.

Trump’s policies provide short-term boosts for certain industries and elites, but they also contribute to America’s growing isolation. The world is changing, and if the U.S. continues to isolate itself while rising powers consolidate their influence, it may wake up one day to find that its global dominance has truly slipped away. America has not yet fallen—but by refusing to acknowledge the shifting tides of power, it may be hastening its own decline.