Multilateral banks must raise the alarm on Trump's actions more clearly
desperate to appease US President Donald Trump over his many trade demands. More worrying is that multilateral financial institutions also seem to be running scared of his bullying tactics.
Advertisement
From the International Monetary Fund (IMF) and the World Bank downwards – or perhaps 'outwards' would be a better term – these institutions appear to be falling down on the job when it comes to alerting the world to
the dangers of Trumponomics
Yet while the impact of the tariffs is almost universal, the global family of multilateral institutions is not raising the alarm clearly enough.
In the case of the IMF, the World Bank and the Inter-American Development Bank, the fact that they have their headquarters in Washington – just a stone's throw away from the White House – might help explain their apparent reluctance to be more critical. However, that is by no means the whole story.
Advertisement
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
.jpg%3Fitok%3DyUalx1lH&w=3840&q=100)
South China Morning Post
an hour ago
- South China Morning Post
‘Made in China 2025': how has the nation changed 10 years after setting its manufacturing blueprint?
Read more: In 2015, China set out on an ambitious 10-year plan – dubbed 'Made in China 2025' – to achieve self-reliance, innovation and strength in the manufacturing industry. At the time, the nation was known as the 'world's factory' and stood at the lower end of the global industrial value chain. A tech war between the US and China significantly impacted the plan. But despite geopolitical tensions, more than 86 per cent of Beijing's goals have been met, with several remaining targets likely to be completed by the end of 2025.
South China Morning Post
3 hours ago
- South China Morning Post
Elon Musk says he's created new America Party, in challenge to Trump's Republicans
Elon Musk, an ex-ally of US President Donald Trump, said on Saturday he had launched a new political party in the United States to challenge what the tech billionaire described as the country's 'one-party system'. Advertisement Musk, the world's richest person and Trump's biggest political donor in the 2024 election, had a bitter falling out with the president after leading the Republican's effort to slash spending and cut federal jobs as head of the so-called Department of Government Efficiency (Doge). 'When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,' the SpaceX and Tesla boss posted social media. 'Today, the America Party is formed to give you back your freedom.' Musk cited a poll – posted on X, the social media platform he owns – on Friday, US Independence Day – in which he asked whether respondents 'want independence from the two-party (some would say uniparty) system' that has dominated US politics for some two centuries. 03:02 US House passes Trump's bill, sending it to White House for president to sign US House passes Trump's bill, sending it to White House for president to sign The yes-or-no survey received more than 1.2 million responses.
South China Morning Post
4 hours ago
- South China Morning Post
Trump wants to ground China's drones - but have they flown too high to reach?
US President Donald Trump issues quite a few executive orders. So many, in fact, that one could be forgiven for not keeping up with them all. Advertisement But amid the rapid-fire policy changes that have come to characterise his administration, one arrived last month that could have drastic implications for the world's drone market – and China's role in it. The order, signed June 6, requires government agencies to prioritise using home-grown unmanned aircraft systems (UAS) 'to the maximum extent permitted by law', and pledges to slash regulations to speed up domestic production and development. While this is not the first time Trump and others in Washington have attempted to halt China's rise in the lucrative field – Beijing's firms remain world leaders in the industry – it shows the US has not given up the fight. However, analysts and industry insiders alike said China's pre-eminent place in the global drone market has made it hard for the US to remove its products from supply chains, at least for now. Advertisement Paul Nielsen, managing director at Proxim – a Pennsylvania-based firm which uses drones for commercial inspections – said he sees the executive order as a negotiation tactic, but bristles at the 'unnerving' prospect of its implementation. 'There are only half a dozen non-Chinese companies in the world that make drones. My guess is the ban will raise costs,' he said during last week's Paris Air Show. 'It's basic economics.'
