“Change the Iranian regime’s behavior? Sanctions. Dismantle North Korea’s nuclear arsenal? Sanctions. Depose Venezuela’s dictator? You guessed it: Sanctions.
That indiscriminate wielding of America’s economic might — in a strategy his administration labels “maximum pressure” — is a trademark of Trump’s foreign policy. No president, in the minds of experts I spoke with, has relied so heavily on sanctions to solve intractable problems.
But at the same time, experts I spoke to said no president has failed so clearly to grasp the nature of financial warfare and how to deploy it effectively.
“I’ve never seen a president use sanctions as much or as clumsily,” said David Baldwin, an international economics expert at Princeton University. “He’s like a bull in a china shop.””
“Trump has little to show for his efforts. Iran’s leadership remains in power and is no closer to reaching a new diplomatic pact with the US over its nuclear program. North Korea’s nuclear and missile arsenals have grown in numbers and strength. And Venezuela’s president, Nicolás Maduro, still shows no sign of letting control of the country slip through his clenched fist.
That’s not to say Trump didn’t inflict economic harm on foreign countries, leaders, and individuals in his first term. US sanctions are directly responsible for deepening financial crises in all three nations, exacerbating woes caused by local mismanagement, corruption, and coronavirus outbreaks.
But that devastation has hurt millions of people in those countries much more than it has helped the Trump administration achieve its goals, making it easier for regimes to blame the US — and not themselves — for the pain.
The fundamental problem with Trump’s approach: He believes sanctions will get him what he wants, but he demands too much in return for their removal, or undermines them through weak enforcement and ever-shifting policies.”
“US sanctions can be very effective — and debilitating — but they work best when a president understands their limitations, how to make them stick, and when to coordinate them with other countries.
Otherwise, the nation those measures may end up isolating most is America”