# Branko Milanovic, economist: ‘This defeat for Trump will not have a major impact on US policy toward Asia or Europe’

- URL: https://talkfuse.com/story/branko-milanovic-economist-this-defeat-for-trump-will-not-have-a-major-impact-on-us-policy-toward-asia-or-europe/
- Published: 2026-11-14T04:00:00+00:00
- Updated: 2026-11-14T05:21:48+00:00
- Original publisher: El País (publisher lean: Left)
- Original article: https://english.elpais.com/economy-and-business/2026-11-14/branko-milanovic-economist-this-defeat-for-trump-will-not-have-a-major-impact-on-us-policy-toward-asia-or-europe.html
- Topics: Americas, Asia, Europe, Government, Politics, World

## Key points

- Midterm losses constrain Trump but are unlikely to shift US foreign policy.
- Milanovic expects continuity in policy towards China across presidents.
- “Homoploutia” describes elites with high income from work and capital.

## Summary

Economist Branko Milanovic argues that the Democrats’ strong performance in the US midterm elections is unlikely to change American policy towards China, the Middle East or Europe. While the result limits Donald Trump’s power and may reassure Europeans about the US politically, Milanovic expects the broader geopolitical direction to continue.

Milanovic says policy towards China has remained consistent across administrations, pointing to Joe Biden’s continuation of Trump’s approach. He also describes a growing elite whose members earn highly from both work and capital, a pattern he calls “homoploutia”. The article presents his view that traditional globalisation is giving way to a more nationally focused economic order.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.