Make Trade Hurt Again: How Trump's tariffs redraw the global economic map

 In the last decades, the architecture of global trade rested on a set of assumptions that now look increasingly like fragile façades: that the United States would remain a committed anchor of the multilateral system; that tariffs were a tool of last resort, regulated by common rules; that economic interdependence was a force for stability, rather than an exploitable vulnerability. The Trump administration's sweeping tariff agenda has challenged all three. Whether understood as industrial policy, geopolitical leverage, or electoral distraction, these measures are reshaping the “terms of trade”. The consequences extend far beyond the balance sheets of affected industries, touching consumers, governments and the broader architecture of transatlantic and global economic relations. With Professor Péter Ákos Bod, former Minister of Industry and Governor of the National Bank of Hungary and one of Europe's most authoritative voices on international political economy, we will examine the logic, and the contradictions, behind Trump's tariff agenda, along with its concrete effects on European and American economies. We will seek to understand what it tells us about the direction the formerly US-led economic order has taken, and what comes next