The APEC and G-20 summits were dominated by discussions about the potential return of Donald Trump to the presidency. The attendees expressed anxiety about the unpredictability that Trump's social media presence could bring to international relations.
Diplomats recognized the high stakes involved in dealing with Trump, as a single tweet could derail months of diplomatic efforts. Preparations for Trump's possible reelection had been underway for months, but the prospect remained daunting.
Trump's protectionist policies threatened to undermine the principles of free trade that APEC has championed since its inception. Chinese President Xi Jinping arrived at APEC with a message of economic globalization, positioning China as a champion of open markets. However, the potential return of Trump complicated Xi's attempts to reshape the narrative around trade and cooperation.
The G-20 summit highlighted the complexities of the current geopolitical landscape, with President Joe Biden's presence overshadowed by the absence of key figures like Vladimir Putin. The ongoing conflict in Ukraine injected urgency into discussions, with Western allies focusing on strategies to end hostilities.
Despite Xi's attempts to steer the G-20 narrative towards economic cooperation, the summit was characterized by disorder and division among the world's largest economies. Trump's potential return to power poses risks for global economic stability, as his administration's previous protectionist policies have already impacted international trade relationships.
Financial institutions have advised businesses to prepare for the unpredictable nature of Trump's trade policies. As the world waits for the outcome of the US elections, there is a sense of tension and unease among diplomats and business leaders. The calls for economic globalization from leaders like Xi Jinping may struggle to gain traction in this charged atmosphere.
The future of global trade dynamics will be determined in the coming months as the world holds its breath for the next chapter in this unfolding geopolitical saga.