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Edward Fishman: In Economic War, Chokepoints Beat Tariffs
The U.S. brings superior size to economic warfare, but China and Iran have fought back through control of critical economic assets
In an era of rising global tensions, economic warfare is becoming just as powerful as military conflict—and according to expert Edward Fishman, the rules of that warfare are often misunderstood.
While former President Donald Trump has leaned heavily on tariffs to pressure adversaries, recent events show that other countries are successfully using a different and more effective strategy: chokepoints. Fishman, author of Chokepoints: American Power in the Age of Economic Warfare, explains that chokepoints are areas where a country controls a critical resource or system that others depend on—such as China’s dominance in rare earth materials or Iran’s control of the Strait of Hormuz, through which a significant portion of the world’s oil flows.
According to Fishman, chokepoints are effective when three conditions are met: control over supply, limited short-term alternatives, and the ability to impose more pain on adversaries than on oneself. Unlike tariffs, which many countries can work around by finding new trade partners, chokepoints create immediate and often unavoidable global consequences.
Recent conflicts highlight this shift. China responded to U.S. tariffs by restricting rare earth exports, while Iran leveraged its geographic position to disrupt global oil markets—both forcing the U.S. into de-escalation. These examples underscore Fishman’s broader argument: economic power today depends less on broad pressure tactics like tariffs and more on strategic control of critical systems and alliances.
Fishman also emphasizes the importance of global partnerships. The U.S., when working with allies, holds significant economic leverage—especially in areas like finance and advanced technology. However, weakening those alliances can reduce America’s ability to effectively wield chokepoints.
Ultimately, the article suggests that while the U.S. remains a dominant economic force, its success in modern economic warfare will depend on how well it understands—and adapts to—the growing importance of chokepoints in a rapidly shifting global landscape.
Visit The Wall Street Journal to read the full article.
Edward Fishman is one of the world’s foremost experts on economic statecraft, with deep experience shaping U.S. foreign policy. His New York Times–bestselling book Chokepoints: American Power in the Age of Economic Warfare is widely regarded as definitive and essential to understand how sanctions, tariffs, and export controls are reshaping the world. A Columbia University scholar, he brings sharp, timely insights into how economic warfare is transforming geopolitics and the business landscape. His ability to translate complex global dynamics into compelling narratives makes him a standout keynote speaker for any audience. Contact us today to learn more.
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