Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at [email protected] or filling in this Google form. Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification In a breakthrough for global trade, China and the United States recently concluded their
ice-breaking talks in Geneva, Switzerland with a deal to temporarily roll back tariffs and create a consultation framework. While the White House swiftly claimed the deal as a triumph, other analysts and media outlets interpreted it as a win for Beijing.
While both sides can rightfully claim tactical victories from the negotiation, the greatest winner is globalisation. The tariff ceasefire underscores a fundamental truth of our age: in an era of deeply intertwined supply chains and financial systems, economic nationalism ultimately hits a hard ceiling. As globalisation faces its
most serious reckoning in decades, this temporary thaw proves the system’s foundations remain intact – battered but unbowed.
The US has been one of globalisation’s greatest beneficiaries, yet its domestic policy failures have created a dangerous paradox. While Wall Street and Silicon Valley reaped historic rewards from global integration, Washington neglected to modernise its industrial policy or strengthen its social safety nets. The resulting inequality – with manufacturing hollowed out as high-value services thrived – created fertile ground for political opportunism. Rather than address these self-inflicted wounds, successive administrations have found it easier to blame external actors, with China becoming the favourite scapegoat for their own governance failures.
Recognising these problems, the Trump administration appeared to signal a policy pivot by imposing
“reciprocal tariffs”. However, its approach – blaming foreign competitors and resorting to sweeping unilateral tariffs – was a misdiagnosis. These blunt instruments are comparable to a technician trying to fix a chaotic server room by indiscriminately ripping out cables and wires, not only ineffective but deeply damaging.
This aggressive strategy underestimated globalisation’s structural depth and resilience. While Chinese exporters absorbed significant blows, the ricochet effects proved also damaging to American interests. US businesses dealt with supply chain whiplash, consumers faced inflationary spikes and overall macroeconomic stability deteriorated – all reflected in
volatile equity markets.
