Implications of an “Americas First” Foreign Policy

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 3 February 2026

⏱️ 27 minutes

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Summary

What could more assertive US foreign policy in the Western Hemisphere — driven by the so-called “Donroe Doctrine”— mean for the global order? Hal Brands, professor of global affairs at the Johns Hopkins School of Advanced International Studies, and Mauricio Claver-Carone, President Trump’s former Special Envoy for Latin America, and managing partner of the Latin America Real Assets Opportunity Fund, explore what’s driving this more assertive posture and its implications with Allison Nathan on the latest episode of Goldman Sachs Exchanges. This episode explores the latest Top of Mind report: https://www.goldmansachs.com/insights/top-of-mind/americas-first This episode was recorded on January 12, 13, and 30, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, expressed or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at www.GS.com/research/hedge.html. Goldman Sachs does not endorse any candidate or any political party. Copyright 2026, Goldman Sachs, all rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The Trump administration kicked off 2026 with a new, more forceful, foreign policy.
0:11.0	Deriving this is the so-called Donro Doctrine, President Trump's take on the Monroe Doctrine,
0:17.0	a cornerstone 19th century U.S. foreign policy that aimed to expand U.S. influence and control
0:23.5	in the Western Hemisphere. So what could this ultimately mean for the U.S.'s next moves in Latin
0:28.5	America and the Western Hemisphere more broadly? How does it impact the calculus for China
0:33.8	and Russia as they each pursue their own foreign policy goals.
0:38.0	And what risks should investors be most focused on?
0:40.7	I'm Alison Nathan and this is Goldman Sachs exchanges.
0:47.4	Each month I speak with investors, policymakers and academics about the most pressing market-moving
0:52.8	issues for our top-of-mind report from
0:55.2	Goldman Sachs research. I recently spoke with Hal Brands, Professor of Global Affairs of the Johns
1:00.3	Hopkins School of Advanced International Studies and with Mauricio Clava Corone, President
1:05.1	Trump's former special envoy for Latin America and managing partner of the Latin America Real
1:10.5	Assets Opportunity Fund.
1:12.5	I first asked them both for more insight into the Don Roe Doctrine, starting with Hal.
1:17.2	You are pretty prescient in 2024.
1:19.3	You argued that a second Trump presidency would feature a revitalized Monroe Doctrine.
1:25.3	What do you see as the underlying factors that motivated this more
1:30.0	forceful posture in the Western Hemisphere? One factor is structural and the other is
1:36.6	personal. The factor that is structural is that the United States, because of its position in the
1:43.3	world, typically tries to consolidate its position in the Western Hemisphere when the rest of the world is falling apart.
1:53.5	And so during World War I, during World War II, during the Cold War, the United States worked very hard to try to ensure its dominance in the
	...

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