The article's central argument is that the Trump tariffs and Brexit are primarily driven by ideology, specifically a desire for national sovereignty and a rejection of globalization, rather than purely economic considerations. It dismisses the notion that these decisions are primarily about enriching billionaire friends, pointing out that many are experiencing significant economic losses.
The author frames the issue through Dani Rodrik's "globalization trilemma," which posits that one cannot simultaneously achieve globalization, democracy, and national sovereignty. The article argues that Trump's policies and Brexit represent a choice of sovereignty and democracy over complete globalization, despite the negative economic implications.
While acknowledging the negative economic effects of these decisions (such as the increased likelihood of a US recession, according to Goldman Sachs), the author emphasizes that the prioritization of sovereignty and national pride transcends purely economic concerns. It highlights that many people value sovereignty regardless of the economic costs, especially those feeling a decline in national status.
The article concludes that although some believers may waver as the economic consequences worsen, many will remain steadfast in their support for sovereignty and national pride. The actions are framed as a festival of sovereignty in response to a perceived loss of national pride.