Both the Clinton and the Obama administrations frequently went along with the market liberalization launched under Reagan and both Bush presidencies.… - Thomas Piketty

The main lesson for Europe and the world is clear: as a matter of urgency, globalization must be fundamentally re-oriented. The main challenges of our times are the rise in inequality and global warming. We must therefore implement international treaties enabling us to respond to these challenges and to promote a model for fair and sustainable development. Agreements of a new type can, if necessary, include measures aimed at facilitating these exchanges. But the question of liberalizing trade should no longer be the main focus. Trade must once again become a means in the service of higher ends. It never should have become anything other than that.

In many ways, the US led the world toward the development of progressive taxation and the reduction of inequality at the global level during the first half of the 20th century... Unfortunately, one century later, in 2019, the rise of inequality creates new threats to liberal democracies. It is time to take a new step and to develop new policy instruments, in line with the challenges raised by global wealth trends.

The tragedy is that Trump’s program will only strengthen the trend towards inequality.