A coordinated global response is needed to defend multilateralism
- The world is moving towards a common position against the protectionist onslaught of the Trump administration
- How well efforts are progressing will be apparent at the Group of 20 summit in Osaka, Japan, at the end of the month
The threat of an economic crisis and worse is moving the world towards a common position against the protectionist onslaught of United States leader Donald Trump’s administration.
With trade, technology and security in the balance, Vice-President Wang Qishan and German Chancellor Angela Merkel recently joined forces to defend the global multilateral order, the day the same sentiment was expressed by Singaporean Prime Minister Lee Hsien Loong.
Even Britain’s Queen Elizabeth has voiced concern, setting aside pomp for politics at the banquet for the visiting American to praise the institutions established after World War II that have ensured peace and stability.
As tariffs bite, stock markets falter and financial and security structures and alliances increasingly come under pressure, governments have to work together.
While meeting Merkel in Berlin on May 31, Wang asked Germany to work with China to build a more just governance system to deal with rising uncertainty.
The chancellor spoke of the need for international collaboration and coordination to counter threats; a day earlier, giving the commencement speech at Harvard University, she urged graduates to reject protectionism and “tear down walls of ignorance” that feed nationalism and isolationism.