A Fractured World
From WSJ Opinion: Free Expression by Gerard Baker, Editor at Large, The Wall Street Journal
October 15, 2025 · 43 min
About this episode
Gerry Baker discusses global economic relations and the division into economic blocs with Neil Shearing.
We may be seeing peace break out in the Middle East, but it’s still trade war elsewhere - especially with China. Donald Trump has threatened a 100% tariff on the rival superpower if Beijing goes through with its plan to impose tough restrictions on exports of the rare earth minerals critical to the U.S. economy. These could well be mere negotiating tactics but they’re a reminder of the wider friction that now dominates global economic relations. On this episode of Free Expression, Gerry Baker speaks with Neil Shearing, Group Chief Economist of Capital Economics and author of “The Fractured Age: How the Return of Geopolitics Will Splinter the Global Economy.” They discuss Shearing’s argument that the world is dividing into two giant economic blocs and what that might mean for stability and peace. They also talk about some unusual developments in global markets of late, especially a weakening dollar and a soaring gold price - the last of which Shearing believes is driven by Chinese official policy. Learn more about your ad choices. Visit megaphone.fm/adchoices
People in this episode
Host: Gerard Baker
Guest: Neil Shearing
Topics covered
- Middle East peace
- trade war
- China
- global economy
- geopolitics
- economic blocs
- market developments
Keywords
- trade war
- China
- geopolitics
- economic blocs
- gold price
- dollar weakening
- rare earth minerals
Mentioned in this episode
Organizations: Capital Economics, The Wall Street Journal
Products: rare earth minerals, gold
Books & works: The Fractured Age: How the Return of Geopolitics Will Splinter the Global Economy
Places: China, Middle East
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