September 20, 2025· 46 min

Michael Froman on the New 'Polyamorous' Global Trading System

Michael Froman

Orality

Model

50%

Speaker Breakdown

HostTracy Alloway(1,771 words)

M:28%

HostJoe Weisenthal(1,035 words)

M:29%

GuestMichael Froman(5,281 words)

M:28%

Oral Indicators

Agonistic24%

literally, completely, very

Engagement65%

you, our, your

Memory Aids100%

listen, now, like

Repetition100%

think (66x), china (62x), like (54x)

Parallelism60%

And I'm Tracy Alloway...., But by and large, I don't thin..., So it has affected me directly...

Sound Patterns85%

85 question(s), alliteration: "markets move", alliteration: "barclays brief"

Formulaic Phrases2%

i mean

Literate Indicators

Hedging9%

may, could, arguably

Passive Voice6%

be mailed, were supposed, is when

Abstract Nouns23%

investment, recommendation, community

Subordination7%

since, because, although

Sentence Length34%

Avg: 13.6 words/sentence

Word Complexity50%

investment, analyze, anticipate

Academic Markers0%

Impersonal Style35%

648 personal pronouns found

Descriptive Style75%

literally, completely, apply

Description

When President Trump announced the tariffs on Liberation Day, it seemed to truly mark the end of the old world trading system. But of course it had been dying for a long time. The first Trump administration erected aggressive trading barriers against China. Then Biden expanded them further. And there were signs of its demise even under Obama. So what was the global trading system? What will come after it? What are the benefits and costs to changes? On this episode, we speak with Michael Froman, the President of the Council on Foreign Relations, and the former Trade Representative during Obama's second term. We discuss how the system began to collapse, and what he sees as the emergence of a new "polyamorous" global trading system, where friends and allies and partners move in a more liquid manner between different poles and blocs. Only Bloomberg.com subscribers can get the Odd Lots newsletter in their inbox now delivered every weekday plus unlimited access to the site and app. Subscribe at bloomberg.com/subscriptions/oddlots See omnystudio.com/listener for privacy information.

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