Various multilateral trading blocs have formed and will continue to form as a counterweight to the US’s global dominance. From Pepe Escobar at consortiumnews.com:
The ascendence of China and multilateral trading blocks could eventually spell the doom of the G20 and U.S. global dominance, as Pepe Escobar explains.
The trade war launched by the Trump administration against China may not have been solved by a 2½-hour dinner between Chinese President Xi Jinping and Donald Trump at the G20 in Buenos Aires on Saturday. But it may have opened a path towards a drastic realignment.
Way beyond the histrionics surrounding the “family pic” – and whose nods and winks signaled surefire geopolitical capital – the G20 walked and talked like a last gasp to “save” the current turbo-capitalist world (dis)order.
The sherpas at the G20 lost sleep for two consecutive nights trying to come up with a final declaration capable of appeasing Trump. As virtually every nation at the G20 supports multilateralism on trade, nobody wanted to upset even more the real Big Boss in Buenos Aires: Xi Jinping.
The climax in any case was the U.S.-China bilateral – which carried the potential, if things went downhill, to derail the global economy.
