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5 min read

Tariffs destroy trust so where do we go next?

Blunt weapons cause a mess in markets and lives.

Paul Valler is an executive coach and mentor. He is a former chair of the London Institute for Contemporary Christianity.

A gold coin with the DOGE dog on it, lies over the face on a $50 bill.
So doge-y.
Kanchanara on Unsplash

‘When America sneezes the rest of the world catches a cold’ quipped economists almost a century ago after the Wall Street crash.  A comment that might equally apply to the more than 10 per cent drop in stock markets caused by President Trump’s sudden raised tariffs on imports to the USA.  The impact of the American economy on the world is inescapable.  It represents almost a quarter of global GDP and the dollar is the leading reserve currency, accounting for around 60 per cent of international foreign exchange reserves.  Size is what enables America to bully the rest of the world. 

For decades the American trade deficit has been an elephant in the room and Trump is to be applauded for recognising it and addressing the problem. Unfortunately, the way he has gone about it has caused another, bigger problem. Changing the direction of the global economy is like turning a tanker, it cannot be done easily or quickly, but Trump’s style is to attack, like hammering at a nail.  Every issue in geopolitics looks like another nail, waiting for him to hammer out a negotiated deal.  Full marks for courage, but not for wisdom. The blunt weapon of trade tariffs is designed to bring wealth and power back towards the USA, but blunt weapons often cause a mess, and sure enough a global mess is what we now have.  A US/China trade war with higher prices that could end up stoking inflation and a government own goal.   

Panic selling of government bonds signalling a loss of confidence following Trump’s dramatic tariff boost is reminiscent of the impact of Liz Truss’ sudden and radical UK tax cuts, which were also driven by an ideology, but ended up as a wrecking ball.  Even some of Trump’s backers have warned of an economic nuclear winter.  In the long run, Trump has done the world a favour by highlighting a structural issue that needed correction, but his economically violent methods of addressing it look increasingly unwise.  If a global depression does happen on the back of all this, then coupled with the rise of autocratic and belligerent leadership, we would face a worrying parallel to what happened in the 1930s when the world eventually slid into war.   

Tariffs are like walls, barriers to cooperation and the epitome of economic selfishness.  Make America Great Again is selfishness writ large - a society pursuing wealth and power without the cohesive framework of values that are so essential to cooperation and community wellbeing.  A psychology of self-centredness that damages relationships at the national level.  This is what I find most concerning about Trump’s approach; not just the economics but the long-term legacy of relational damage that could last well beyond his Presidential term. 

Our fears reveal just how much we trust in wealth above everything else, and how much the fear of scarcity affects our mental health.

Michael Schluter in his book The Relational Lens defines five principles, or measures, of relational health.  They are directness, parity, common purpose, continuity and breadth.  Applying those five measures helps us see why Trump’s tariffs are the polar opposite of relational.  He introduced these escalating penalties remotely and not in face-to-face negotiations.  Exploiting the power of America instead of showing respect for the status and needs of other nations.  Tariffs have no common purpose with other countries, only a selfish agenda.  There is no continuity with previous trading protocols.  And it is all purely financial, with no reference to the broader holistic impact.  All in all, a relational disaster.   

Despite living in the ‘first world’ we remain gripped with fear of loss.  Our fears reveal just how much we trust in wealth above everything else, and how much the fear of scarcity affects our mental health. Markets are not entirely rational; they are driven by algorithms that stem from this psychology of greed and fear.  Emotions and trading swing wildly with a herd instinct that often drives behaviour.  As Rabbi Jonathan Sachs said:  

‘Markets have no moral compass; we have outsourced morality to legislation by the State.’   

But the worry now is that the current US administration shows signs of ignoring morality and even riding roughshod over the courts.  No wonder people feel afraid. 

Where can we find hope in all this turmoil?  Is there a better response than gritted teeth and the mantra: ‘this too shall pass’?  I think so.  There is life beyond the market.  Jesus said: ‘life does not consist in an abundance of possessions.’  We can choose to step back and look at all this with the true perspective that money isn’t everything.  We can cultivate gratitude for what we do have.  We can learn contentment.  Yet I feel for those who have experienced financial loss, and don’t want to minimise the reality of hardship.  In fact, something important and practical all of us who are privileged can and should do is to be vigilant in watching out for those who are poor and disadvantaged.  To look after those with a real need for the basics of life and help them through this tough time when economic disruption could make life even harder.  For those with a faith this is part of working out how our faith makes a positive difference where we are. 

Perhaps the supreme irony of this crisis is President Trump’s insistence that Americans must trust him.  Ironic, because the one thing that his tariff actions seem to have undermined more than anything else is trust.  The trust that is essential to the functioning of both markets and civilisation as a whole.  Face to face discussions must be the way forward now, to rebuild trust and find more nuanced, mutual approaches to solving America’s trade deficit.   

There is one person we can always trust though, and his name is written clearly on the American One Dollar bill. In God we trust. Let’s pray that Trump and his America returns to that imperative and turns back to a more Christ centred philosophy of loving our neighbour as ourselves, reflected in a more bilateral approach to diplomacy and agreement.

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I’m not sure Christopher Nolan has actually read The Odyssey

The director has drunk the Kool-aid of modernity, and done so deeply
the head of a classical statue looks up amid embers around it.
The odyssey poster.
Universal Studios.

Greek myths are full of hubris. Full of it. I feel like ‘hubris’ isn’t a word you hear very often anymore. It means excessive pride or self-confidence that leads to a downfall, in case you were wondering. “Boris Johnson’s hubristic underestimation of the effects of ‘Partygate’ was the final nail in his political coffin,” we might say.  

In one myth, Icarus is imprisoned, but given wings held together by wax in aid of his escape. He is warned not to fly too close to the sun, because the heat will melt the wax. Guess what he does? Yep! Flies too close to the sun. The wings melt and he falls to his death. Hubris

Another myth tells the story of Prometheus. No, not the slightly underrated Alien prequel. (That’s right, I said underrated, but that’s another article for another day). Prometheus defies the Greek gods by stealing fire and giving it to humans. As punishment, Zeus ties Prometheus to a rock and has an eagle eat his liver, only for it to grow back overnight so the eagle can come back the next day and start again. Hubris. 

Greek myths are full of hubris. Full of it. 

And so, this is why I find the new poster for Christopher Nolan’s upcoming adaptation of Greek epic The Odyssey so … bizarre. But then I’ve been nervous about Nolan’s adaptation since it was announced. Nolan is a wonderful filmmaker, but he’s also deeply naturalistic in the messages he conveys. By this, I mean that all his films suggest that nature – the physical, material world of atoms and things – is all there is. Even when he has opportunity to explore themes of the mystical, or magical, or the supernatural, he only does so when a purely ‘natural’ explanation for such things is possible.  

For example, in The Prestige (and HUGE spoilers for the film here: it’s incredible, please watch it if you haven’t), Nolan tells the story of two rival magicians, played by Hugh Jackman and Christian Bale. Robert Angier (Jackman) is trying to work out Alfred Borden’s (Bale) teleportation trick. The secret? (Seriously: big, big spoilers here). Science. Nikola Tesla has invented a device that can clone someone but send the clone to a different location. The trick – the mysterious MacGuffin at the film’s heart – has a natural, scientific explanation. Magic isn’t real and you’re a fool if you think otherwise. 

Perhaps this is also why Nolan directed the wonderful Dark Knight trilogy. After all, Batman’s superpower is just wealth: it’s entirely naturalistic, with nothing that can’t fit into a scientific way of understanding the world. Or we could point towards the science fiction that underwrites Inception, Interstellar, and Tenet. For a filmmaker so gifted at tension and intrigue, he has surprisingly little truck with mystique, mystery, and the divine. But this is a problem when it comes to The Odyssey. A huge problem.  

Let’s return to that poster I mentioned earlier. It shows the head of a classical Greek statue, flames ember underneath it. The caption? Defy the Gods. And it’s at this point I start to wonder if Nolan has actually read The Odyssey. Because The Odyssey takes questions of divinity and their authority very, very seriously. Like many Greek myths and poems, the message of The Odyssey isn’t ‘defy the Gods’. No: it’s ‘trying to defy the gods is an unbelievably stupid, futile, and dangerous thing to do’. Nolan would seemingly have us raze Mount Olympus to the ground.  

Look, all we have is a poster so far. Nolan might prove me wrong. But we shouldn’t be surprised if Nolan reworks The Odyssey in such a way that ‘defy the Gods’ becomes its central message. Because Nolan is a quintessentially modern filmmaker.  

In a 1965 book called Freud and Philosophy, French philosopher Paul Ricœur described the modern period as dominated by a climate of suspicion or scepticism. Within this ‘climate of thought’, the straightforward understandings of things are actually deceptive, instead hiding hidden, deeper, and ‘truer’ meanings. He described Sigmund Freud, Friedrich Nietzsche, and Karl Mark as the ‘masters of suspicion.’ And so the world around us is to be approached suspiciously, to uncover the ‘truer’ meanings about our subconscious (so Freud), our false, religiously imposed morals (so Nietzsche), or our exploitative economic systems (so Marx). 

Each of Ricœur’s ‘masters of suspicion’ might be mapped on to one of the villains in Nolan’s Dark Knight trilogy. Liam Neeson is Ra’s al Ghul, a Freud-like figure who helps Bruce Wayne navigate the psychological effects of his parents’ murders in childhood. Heath Ledger’s mesmeric Joker is Nietzsche’s stand-in, exposing our misguided systems and structures of ethics, tethered to a religious framework we no longer hold to. Tom Hardy’s Bane is Marx, freeing Gotham’s proletariat from the economic structures that oppress them so. 

It's not a perfect fit, but I think there’s more than enough evidence to say that Nolan has drunk the Kool-aid of modernity, and he has drunk so very deeply. And this would be fine – absolutely fine – if he wasn’t planning to adapt The Odyssey. Because, as a quintessentially modern filmmaker, Nolan’s work emerges out of and celebrates a culture wherein ‘defy the gods’ is a slogan that can only be heard as heroic, courageous, and noble, rather than dumb and futile, as The Odyssey would stress to us. 

Defying divinity is not heroic. The Odyssey knows this and knows it well. Defying the gods never ends well for humans stupid enough to try in Homer’s work. Our modern sensibilities encourage us to be suspicious of institutionalised power, especially when that power takes a religious shape. We are predisposed to imagine that invocations of the divine are nothing more than thinly-veiled power-grabs. And sometimes they are. But The Odyssey is right to say that divinity itself is not to be trifled with. Renounce your creator at your peril. 

Like all his other films, Nolan’s The Odyssey is likely to be tense, wrought, and cinematographically immaculate. But also like his other films, I worry it will be deeply naturalistic in the way it handles the inescapably divine and supernatural elements present in Homer’s epic. The Odyssey has an important message for our increasingly hubristic society. I just worry that Nolan’s not the man to convey it as it deserves. 

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