Odd Lots Michael Froman on the New 'Polyamorous' Global Trading System
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Sep 20, 2025 
In a fascinating discussion, Michael Froman, former U.S. Trade Representative and current president of the Council on Foreign Relations, explores the collapse of the old global trading system. He dives into how aggressive tariffs and shifting policies have led to a 'polyamorous' trading world, where countries engage fluidly with various partners. Froman also highlights the implications of friendshoring and the economic security tradeoffs that come with evolving alliances, offering a thought-provoking look at the future of global trade.
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Dairy Lesson From Farmers
- Froman learned granular industry details like how American farmers manipulate dairy molecules to evade trade barriers.
- He used these practical lessons to inform complex trade negotiations as U.S. Trade Representative.
Leverage Through Big-Partner Incentives
- Trade agreements can create incentives beyond market access by using big partners to unlock reforms from others.
- The TPP showed the U.S. could push countries like Japan to open markets, benefiting smaller partners.
Bicycles Revealed Bigger Problems
- Failure to agree on seemingly small items (like bicycles) revealed deep fragmentation in global trade cooperation.
- That inability to reach consensus signaled broader difficulties for future meaningful agreements.