How to Win a Trade War

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A Friendly Guide to an Unfriendly World

By Soumaya Keynes and Chad Bown

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Two top trade experts with popular economics podcasts argue for a new way of operating between the biggest economic powers in the world.

We used to take trade for granted. However, that is no longer the case. Everything we know about trade has changed. Trump’s tariffs have disrupted long-established assumptions and thrown the global trading system into uncertainty. As a result, How to Win a Trade War explains why the current upheaval matters.

The book also examines what governments, businesses, and citizens can expect as trade tensions continue to reshape the global economy.

Understanding the new rules of global trade

As we enter this new era of trade conflict, we need a new way of operating between the world’s biggest economic powers. Trade experts Soumaya Keynes and Chad Bown argue that the traditional rules of the game no longer apply. Consequently, they believe we need a different strategy.

Waiting for the old approach to work again is no longer an option. Instead, the authors contend that protecting market-oriented democracies from China’s economic system will require Western nations to adopt some uniquely Chinese tools. How to Win a Trade War explains why understanding these economic weapons is essential if we hope to avoid a future war fought with guns, drones, and military conflict.

The authors take readers on a fascinating tour of products and supply chains. They move from metals to sushi while explaining how trade and trade disruptions affect workers and consumers alike.

For example, they follow a lipstick with a plastic casing manufactured in China. It is then filled in Mexico before travelling through a warehouse in Texas and finally reaching Canada. They also trace an electronics supply chain. Silicon comes from the Appalachian Mountains. Manufacturers in Japan turn it into wafers. Companies in Taiwan use equipment from the Netherlands to produce chips.

Finally, manufacturers assemble smartphones in China before shipping them to the United States. Through these examples, How to Win a Trade War demonstrates how deeply interconnected modern economies have become.

Winning in a trade war in modern economies

The book also explores what full-scale economic warfare could look like. What would happen if key global shipping lanes became blocked? What if satellite communication failed? How would export restrictions affect supplies of critical products?

These scenarios show that tariffs may become the least of our concerns. Instead, the authors encourage readers to think about the broader economic vulnerabilities that shape international relations.

How to Win a Trade War combines economic analysis with practical examples that make complex global trade issues accessible to a broad audience. Rather than focusing only on theory, the authors connect global events to everyday life. They show how international policy decisions influence the prices consumers pay, the products businesses can source and the resilience of national economies. As a result, readers gain a clearer understanding of why trade policy now sits at the centre of global politics and economic security.

This timely and accessible book helps readers understand how they, their company and their country fit into the story during this precarious moment for the global economy.

About the authors

Soumaya Keynes is a columnist at the Financial Times and hosts its popular podcast, The Economics Show. Previously, she spent eight years at The Economist. During that time, she also co-founded the popular Trade Talks podcast with Chad Bown.

Chad Bown is the Reginald Jones Senior Fellow at the Peterson Institute for International Economics. He also hosts the Trade Talks podcast. Previously, he served as Chief Economist at the US Department of State during the Biden-Harris administration. He also worked as a Senior Economist on President Obama’s Council of Economic Advisers in the White House.