Last Updated on January 7, 2025

A recent article published by Financial Times is raising the white flag on so-called “Free Trade” that decimated the middle class in the United States in favor of building a Chinese middle class by way of WTO membership and Most Favored Nation Status. 

Gillian Tett of the Financial Times recently published an article delving into Peter Navarro’s economic framework.

Steve Bannon hosted Jason Trennert on Tuesday’s WarRoom to discuss an unexpected turn in the narrative around “Maganomics.”

According to Bannon, the piece, a rare acknowledgment from a globalist paper, explores how Trump’s populist-nationalist movement reshapes trade policy.

“Gillian Tett wrote a magnificent piece,” Bannon said. “It’s shocking to see the FT even discussing Maganomics in such a balanced way. They’re waking up.”

Trennert, a leading voice in rethinking American economic policy, agreed. He emphasized that Trump’s approach—tariffs, renegotiated trade deals, and a focus on sovereignty—has redefined how the U.S. engages with the global economy.

Trennert zeroed in on a core issue: China’s entry into the WTO. “It was a massive wealth transfer,” he said. “The American middle class was decimated while China’s middle class grew. The U.S. Chamber of Commerce loved it—more profits for them. But it hollowed out America’s working class.”

This viewpoint, once dismissed as fringe, now finds bipartisan traction. Both Republicans and Democrats increasingly view China as an economic rival, if not an outright enemy. Trennert added, “Free trade isn’t free. These agreements are thousands of pages long, riddled with carve-outs favoring the elites, not working-class Americans.”

Bannon called the FT article a “seminal moment” for the movement. “It explains Maganomics in a way that’s accessible,” he noted. “People might not agree, but they no longer think it’s radical.”

Trennert admitted his surprise at the FT’s coverage. “It’s a globalist paper, heavily invested in the post-war rules-based order. To see them give serious consideration to Navarro’s work shows they’re learning.”

The article examines the collapse of classical economic theories, like those of David Ricardo, which have dominated global trade policy since the 18th century. Navarro’s framework, in contrast, prioritizes national sovereignty and reciprocity in trade.

“This is about understanding why there’s so much political angst,” Trennert explained. “People want to belong to a sovereign nation, not a globalist system. It’s a recognition of the failures of free-trade dogma.”

Maganomics has sparked debates about reshoring manufacturing, protecting American workers, and rejecting the idea that globalization is inevitable. For Trennert and others, this isn’t just a Trump policy—it’s a movement.

Bannon highlighted the thinkers shaping this vision: “Peter Navarro, Scott Bessent, E.J. Antoni, Steve Cortez, Jason Trennert—they’re rethinking the economic foundations of populist nationalism.”

Bannon teased future discussions, including Trump’s forthcoming speech at Mar-a-Lago. “The world is watching,” he said. “Maganomics is no longer just a theory. It’s a blueprint for change.”

Read more about Tuesday’s show at WarRoom.org.

For more context about Maganomics, check out this WarRoom segment featuring Bannon and Trennert:

Jason Trennert: China Joining The WTO Was A Massive Wealth Transfer To The American Middle Class To The Chinese Middle Class