Donald Trump and U.S. Treasury Secretary Steven Mnuchin outside of the Treasury Department, April 2017.
Aaron Bernstein / Reuters

Since the end of the Cold War, the United States has come to rely more and more on economic tools to advance its foreign policy goals. Some of these tools, such as sanctions, involve the direct application of economic pressure. Others, such as the promotion of free trade and open markets, work by changing other countries’ incentives. But all of them rest on a recognition that unrivaled economic power gives the United States a singular capacity to pursue its interests without resorting to force.

But economic power, like any tool, can have unfortunate results if wielded unwisely, producing unwanted short-term

Finish reading this article for free.

Enter your email and we'll send a paywall-free link directly to your inbox.

In addition to your unlocked article, you will receive our flagship weekly newsletter Foreign Affairs This Week, as well as occasional updates and offers from Foreign Affairs. You can unsubscribe at any time. For more information, visit our user agreement and privacy policy.


Get unlimited access to all Foreign Affairs. Subscribe now.

Are you already a subscriber? Sign in.