Christine Lagarde is racing through Uganda in a black SUV. It’s a bumpy road — not the only one the IMF chief is likely to encounter in the age of President Donald Trump.

Since World War II, America has set the agenda for the world economy. The International Monetary Fund has been one of its main tools. The Fund helped steady the finances of war-ravaged Europe, enthrone the dollar as the international currency and shore up U.S. allies from Britain to Korea. Above all, it promoted a Washington consensus based on the free movement of capital and goods. You could call it globalization.