46: Trump's Trade Roadmap: From Hidden Plan to Radical Reality

04/21/25 • 75 min

Months before trade policy was on anyone's radar, Stephen Miran—now Chairman of the Council of Economic Advisers under President Trump—quietly published "A User's Guide to Restructuring the Global Trading System." In this episode, Ben and Cardiff dive into Miran’s roadmap and assess how Trump's policies in practice have diverged from Miran’s original vision.
Ben and Cardiff explore three key scenarios for the future trajectory:

Best Case: International dealmaking leads to a breakthrough, reducing tariffs globally, restoring trade relations, and strengthening US manufacturing sectors.
Base Case: A partial rollback of tariffs prevents catastrophic damage, yet still triggers an economic slowdown, accompanied by an interim inflation shock.
Worst Case: Continued tariff escalation triggers a severe recession, persistent stagflation, and prolonged economic and geopolitical turmoil.

The episode concludes with "surprise scenarios" that could rejuvenate growth despite an adverse economic environment. The hosts emphasize the high stakes and overwhelming uncertainty inherent in America's current economic trajectory.
For those who want to read the full, original roadmap:
Stephen Miran, A User's Guide to Restructuring the Global Trading System, November 2024
https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf
—
For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast.
Have questions or feedback about this episode? Drop us a note at [email protected].
Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada.
About Fundrise
With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.
Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s).
Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Best Case: International dealmaking leads to a breakthrough, reducing tariffs globally, restoring trade relations, and strengthening US manufacturing sectors.
Base Case: A partial rollback of tariffs prevents catastrophic damage, yet still triggers an economic slowdown, accompanied by an interim inflation shock.
Worst Case: Continued tariff escalation triggers a severe recession, persistent stagflation, and prolonged economic and geopolitical turmoil.

Previous Episode

45: How tariffs will impact the economy, with Anna Wong, Chief US Economist at Bloomberg

Anna Wong is the Chief US Economist at Bloomberg and previously worked at the Federal Reserve, White House Council of Economic Advisors, and US Treasury Department. I can imagine few people in the world better suited to analyze and forecast the impact of the tariffs.
—
For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast.
Have questions or feedback about this episode? Drop us a note at [email protected].
Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada.
About Fundrise
With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.
Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s).
Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Next Episode

47: How to break a country (and maybe save one), with Rob Johnson

He helped break the British pound and Swedish krona alongside George Soros, Stanley Druckenmiller, and now–Treasury Secretary Scott Bessent. Rob Johnson shares extraordinary insights into currency warfare, reflects on his time inside institutions of power, and assesses the Trump administration’s bid to rebalance the global economy.
You can also listen to Rob’s first appearance on Onward episode #19:
How we broke the British pound, with Rob Johnson – March 17, 2023
—
For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast.
Have questions or feedback about this episode? Drop us a note at [email protected].
Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada.
About Fundrise
With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button.
Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s).
Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.