The United States fostered a post-World War II rules-based international economic order that benefitted both itself and many other countries. But recent changes in United States’ policies have altered trade relationships and the international role of the dollar. Oleg Itskhoki joins EconoFact Chats to discuss the sources and consequences of these shifts in the international economic order, discussing topics like the role of an economic hegemon, recent outcomes in foreign exchange, stock, and bond markets, and whether tariffs can reduce trade deficits. He also highlights the risks of a more fragmented world economy as the United States pursues a confrontational, rather than cooperative, international economic policy. Oleg is a Professor of Economics at Harvard. He was awarded the prestigious John Bates Clark Medal by the American Economic Association in 2022 which recognizes the American economist under the age of forty who is judged to have made the most significant contribution to economics.