What are the far-reaching consequences of the U.S.s emphasis on protectionist trade policies and how will this approach impact the global economy, particularly in regards to the increasing trend of deglobalization, and what potential benefits or drawbacks can be expected from this shift in trade strategy, especially in light of the ongoing tensions with major trading partners and the rise of alternative economic powers, and how will this impact the U.S.s ability to maintain its position as a global economic leader, and what potential risks or opportunities will arise from this new approach, particularly in the context of the growing importance of emerging markets and the increasing interconnectedness of the global economy, and how will this impact the U.S.s relationships with its traditional allies and trading partners, and what potential consequences can be expected for the global economy as a whole, and how will this impact the U.S.s ability to address global challenges such as climate change, poverty, and inequality, and what potential benefits or drawbacks can be expected from this shift in trade strategy, especially in light of the ongoing tensions with major trading partners and the rise of alternative economic powers, and how will this impact the U.S.s position in the global economy and its ability to shape global economic policy, and what potential risks or opportunities will arise from this new approach, particularly in the context of the growing importance of emerging markets and the increasing interconnectedness of the global economy?