For decades, free trade was treated as an unquestioned good—an engine of prosperity and cooperation. But today, leaders from Washington to Beijing are rethinking trade as something very different: a tool of power. In this episode, we dive into new research with Harvard’s David Yang that asks: how do trade relationships actually give countries leverage over one another? Why might exports matter more than imports when it comes to power? And how do tariffs, subsidies, and industrial policy reshape not just economies, but the global order itself? We explore what this means for U.S.–China rivalry, Trump’s tariffs, Germany’s dependence on Russian oil, and why trade power may sometimes matter as much as military power.