What will the 'Donroe Doctrine' mean for global macro and markets?

The new ‘Donroe Doctrine’ signals a more assertive US approach to its own hemisphere. How could it reshape geopolitics from Greenland to the Middle East?

Authors

Paul Diggle

Chief Economist

Luke Bartholomew

Deputy Chief Economist

Lizzy Galbraith

Senior Political Economist

Image shows map of western hemisphere with US flag behind it

Duration: 35 Mins

Date: Jan 16, 2026

US military action in Venezuela is a vivid demonstration of Donald Trump’s new so-called ‘Donroe Doctrine’, which calls for complete US supremacy in the Western Hemisphere.

Paul, Luke, and Lizzy discuss the historical context of this new foreign policy stance and what it might mean for regional neighbours including Brazil, Colombia, Mexico, Cuba and Greenland.

They also consider the potential implications for disputes further afield involving Iran, Russia-Ukraine, China-Taiwan, and whether it will make conflicts more likely.

Some highlights:

The western hemisphere is back in focus, with the US laying out its strategic importance in a new national security strategy.
A busy election calendar in Latin America, which likely to see Washington lean into elections this year in Brazil and Colombia, among others.
Greenland’s strategic value is soaring, from its Arctic location to its critical minerals and proximity to Russia.
Global rivals are watching closely, weighing whether this shift signals ‘hemispheric’ deal making or renewed US global assertiveness.

Listen to the full discussion on the latest episode of Macro Bytes.

Transcript

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