Image Source: Getty
Donald Trump’s return to office saw the United States (US) withdrawing from its multilateral commitments and announcing plans to increase tariffs on exports, fueling the possibility of a trade war. Even in a multipolar world, the US remains the largest shareholder in multilateral financial institutions such as the World Bank and a shift in policy will have implications for institutions as well as markets. The fragility of the existing global financial system also revives the opportunity for non-Western-led entities such as BRICS to strengthen their position as a counterbalancing actor.
Addressing Altered Global Dynamics: BRICS to BRICS Plus
Source link