When the US rolled out its 2025 "reciprocal tariff" policy, it marked a major shift from teamwork to one-sided trade battles, echoing the infamous Smoot-Hawley Tariff Act of 1930. Back then, steep duties triggered global retaliation, slashing world trade by over 60% and deepening the Great Depression. 😨
Fast forward to today, and we see a similar story: higher tariffs are pushing companies to rethink global supply chains, fragment economies, and link trade disputes with security issues. This creates a risky mix that could heighten geopolitical tensions and slow down growth. ⚠️
To break this cycle, experts say we need a fresh start: fair rules based on free trade, trust, and solid contracts. A new global order can rebuild confidence, resolve conflicts, and open doors for shared prosperity. 🌍💡
That's where China comes in. As the world's second-largest economy and top trading nation, it's stepping up to counter protectionism. By championing multilateral cooperation, China aims to keep markets open and inclusive. 🤝
Some key moves:
- Expanding Global South partnerships and driving high-quality BRICS cooperation.
- Boosting the Shanghai Cooperation Organization to cover the greatest area and population of any regional group.
- Launching an open, inclusive Global South initiative with eight core measures.
Plus, China is deepening South-South ties:
- Ten partnership actions for modernization with Africa. 🌍
- "Five projects" for cooperation with Latin America. 🌎
- Five cooperation frameworks with Arab nations. 🕌
- Six collaboration platforms for Pacific Island countries. 🏝️
By connecting continents and cultures, China hopes to ensure no one is left behind in the push for global modernization. As we look ahead, unity is our strongest tool for building a fairer and more stable economic order for all. 🌟
Reference(s):
China is poised to play a vital role in shaping a new global order
cgtn.com
