Does the Iran war signal the end of economic statecraft?

From tariffs to sanctions, the Trump administration relied heavily on the geoeconomic toolkit in 2025. With the war in Iran and capture of Nicolás Maduro in Venezuela, has President Donald Trump lost his patience with these tools? Josh and Jessie debate this question with Shawn Donnan, senior writer for economics at Bloomberg. They discuss the use of economic statecraft in the US-Israel-Iran conflict, how these tools developed, and the ever-shifting intersection between economic statecraft and national security. 

For more, read Shawn’s Bloomberg newsletter, which sparked this debate: “Trump Ditches Economic Statecraft for the Power Politics of War.”  

And check out Josh’s Wall Street Journal op-ed: “To Squeeze Iran, Trump Reaches Into the Geoeconomic Toolkit”  

Listen to The Guide to the Global Economy wherever you get podcasts

Guide to the Global Economy is your go-to podcast for navigating the increasingly busy intersection of global economics, finance, national security, and geopolitics. Through interviews with leading experts and behind-the-scenes insights from the Atlantic Council’s GeoEconomics Center, we break down the storylines that matter most for the global economy—from major news everyone’s talking about to developments few have noticed. These days, if you don’t get economics, you don’t get Washington. From tariffs to crypto to sanctions and beyond, our team is here to guide you. Watch and listen wherever you get your podcasts.

Guide to the Global Economy Podcast

These days, if you don’t get economics, you don’t get Washington. From tariffs to crypto to sanctions and beyond, our team is here to guide you. Watch and listen wherever you get your podcasts.

Dispatches Mar 11, 2026

Twenty questions (and expert answers) about the Iran war

By Atlantic Council experts

As the US-Israeli war against Iran reverberates across the Middle East and the globe, Atlantic Council experts bring clarity to the fast-moving events.

Conflict Iran

Econographics Mar 12, 2026

By threatening the Strait of Hormuz, Iran turns geography into a global economic weapon

By Alex Mills

Iran’s threat to attack vessels in the Strait of Hormuz has effectively shut down one of the world’s most critical energy shipping routes, turning geography into a powerful economic weapon.

Economy & Business Energy & Environment

At the intersection of economics, finance, and foreign policy, the GeoEconomics Center is a translation hub with the goal of helping shape a better global economic future.

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Related Experts: Josh Lipsky and Jessie Yin

Image: U.S. Navy sailors observe as an E-2D Hawkeye aircraft approaches an aircraft catapult to launch on the flight deck of the aircraft carrier, USS Gerald R. Ford, while operating in support of the Operation Epic Fury attack on Iran from an undisclosed location March 1, 2026. U.S. Navy/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY