特朗普外交政策转变

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兴业证券王涵 | 特朗普外交政策的第二次转向——是特朗普不行,还是美国不行(二)
王涵论宏观· 2025-07-04 07:00
Core Viewpoint - The article outlines the evolution of Trump's foreign policy since taking office, dividing it into three distinct phases: "100 Days New Policy," "Focused Offensive," and the current phase marked by the Israel-Iran conflict, highlighting the internal conflicts within the Trump administration and the balancing act between establishment Republicans and MAGA supporters [1][2][3]. Phase Evolution: From Comprehensive Strike to Budget Priority - The first phase, "100 Days New Policy," was characterized by a comprehensive approach to foreign policy, attempting to extract resources externally but yielding limited results [6]. - The second phase, starting from May 1 to mid-June, saw a shift to a "Focused Offensive" led by establishment figures, with a strategic focus on isolating Iran through alliances with Arab nations and economic support for Syria [2][9]. - The third phase began in mid-June with the Israel-Iran conflict, where Trump attempted to balance the conflicting interests of establishment Republicans and MAGA supporters [3][12]. Transition to "Focused Offensive" and Underlying Reasons - The transition to a "Focused Offensive" was marked by the appointment of Marco Rubio as National Security Advisor, consolidating power within the establishment [8]. - The shift was driven by the ineffectiveness of the previous comprehensive strategy and the urgent need to pass budget and tax legislation, necessitating cooperation with establishment Republicans [11]. Israel-Iran Conflict Initiating the Third Phase - The Israel-Iran conflict escalated following Israel's attacks on Iranian nuclear facilities, revealing deepening internal divisions within the Trump administration regarding military involvement [13][14]. - Trump's "tightrope" strategy involved quick military strikes against Iran while simultaneously pushing for a ceasefire, reflecting the administration's multiple dilemmas [15]. Outlook and Implications - The potential for a phase of strategic contraction in U.S. foreign policy following the ceasefire, with concerns that establishment Republicans may instigate new conflicts [17]. - Key observation points for the ongoing power struggle between Trump and establishment Republicans include the progress of the 2026 fiscal budget and the Federal Reserve's stance on interest rates [18]. - The U.S. strategic contraction may lead to reduced concerns over U.S. debt financing and create a "stabilizing window" for Chinese foreign trade, as the focus shifts to domestic fiscal legislation [19][20].