The Political Scene | The New Yorker Donald Trump’s Economic Warfare Abroad Comes Home
37 snips
Apr 25, 2026 
Edward Fishman, senior fellow at the Council on Foreign Relations and author of Chokepoints, explains modern economic warfare and how choke points like the Strait of Hormuz reshape global power. He unpacks tariffs, Iran’s selective closures, the limits of U.S. leverage, risks of escalation, and how sanctions and trade moves ripple through markets and politics.
AI Snips
Chapters
Books
Transcript
Episode notes
Dollar Dominance Is A Modern Choke Point
- Economic warfare has become far more potent because globalization created choke points like the dollar and transnational supply chains.
- Edward Fishman notes 90% of foreign-exchange transactions use the dollar, letting a U.S. president cut parties off without kinetic force.
Iran Turned The Strait Of Hormuz Into A Revenue Choke
- Iran converted a theoretical threat into practical leverage by selectively closing the Strait of Hormuz using cheap drones and missiles.
- Fishman explains Iran can permit its tankers while charging others a de facto toll, creating sustained revenue and influence.
No Easy Military Fix For Hormuz Closure
- Reopening the Strait of Hormuz without regime change appears unlikely; military options risk major escalation.
- Fishman warns U.S. lacks a feasible way to remove Iran's drone/missile capacity short of large-scale intervention.
