While much of the world debates the merits and impact of President Donald Trump’s new tariff regime, Ray Dalio wants everyone to understand that tariffs are a surface-level disruption. The deeper story, he says, is the breakdown of the global monetary, political, and geopolitical order—a historical shift he believes is being overlooked in the frenzy around trade.In Dalio’s telling, what we are witnessing is not just a noisy skirmish over trade policy but a systemic unravelling of a post-war model built on debt-fuelled consumption, globalised supply chains, and multilateral diplomacy. In its place, he sees a return to historical cycles of upheaval where power, capital, and control revert to national hands—often with damaging consequences.
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