From Nixon to Trump:Cycles of Globalization and De-Globalization in American Economic and Geopolitical Policy

by Brunello Rosa and Marco Lucchin

In this paper we discuss:

• The similarities and differences between the presidencies of Richard Nixon and Donald Trump; 
• How Nixon initiated the cycle of globalisation with his trip to China in 1972 and Trump closed it with “Liberation Day” on 2 April 2025;
• Nixon’s end of Bretton Woods, and Trump’s re-dollarisation with stablecoins;
• The pressure that both presidents put on the Federal Reserve, threatening its independence;
• The “triangular” diplomatic approach of both presidents, with very mixed results; and
• The controversial modus operandi in domestic policy, with authoritarian tendencies.

Download PDF: Nixon and Trump September 2025