Here's a summary of the article "Can President Trump Turn Back the Economic Clock? - The New York Times" by Binyamin Appelbaum, using headers and bullet points:

Historical Context: Braudel's Theory of Economic Centers

• Historian Fernand Braudel argued that economic power shifts from one city to another over time.
• He cited examples like Venice, Amsterdam, London, and New York, each rising and then declining as economic centers.
• Braudel believed that as cities prosper, they invest elsewhere, leading to their own decline.
• He predicted New York's decline in the late 1970s, seeing it as entering its "autumn" as the center of the global economy.

Trump's Economic Vision and Policies

• Trump's political career is built on the idea that America is losing its wealth and power.
• He proposes a "wall of tariffs" to force companies to manufacture in the U.S. and to fund tax cuts.
• His approach is characterized by blaming other nations for America's economic problems.
• His trade policies are causing global economic disruptions, including shipping line cancellations and investor movement away from US bonds.¹
• Trump's actions may be hastening the decline of US manufacturing and financial dominance.

The Rise and Fall of American Economic Hegemony

• The U.S. established the dollar as the global currency and created international institutions to dismantle trade barriers after World War II.²
• The dollar's dominance allowed for cheaper imports but made American exports more expensive, leading to increased foreign investment by American companies.
• The shift from manufacturing to finance, as Braudel predicted, contributed to economic changes.
• The benefits of free trade were not evenly distributed, leading to economic inequality.
• The author points out that the US elite betrayed the social contract.

Amsterdam's and London's Post-Hegemony Experiences

• Amsterdam became a financial center after its decline as a trade hub, but its financial dominance was also short-lived.
• London followed a similar trajectory, maintaining prosperity after ceding economic supremacy.
• The transition was smoother because both cities shared similar values and language.

The Future of American Economic Power

• The rise of China as a global industrial center raises concerns about the consequences of the U.S. losing its economic dominance.
• Braudel's work suggests that America's economic decline may be inevitable.³
• However, Braudel avoided firm predictions, focusing on long-term historical trends rather than short term outcomes.
• Despite any decline, the author notes that Amsterdam and London remained prosperous, giving a potential optimistic outlook for the US.