As the U.S. ramps up tariff measures in its bid to reshape global trade, countries across the Global South are feeling the shockwaves. Analysts warn that these policies, while aimed at reviving domestic manufacturing, risk triggering a wider economic storm.
Out of the Shadows: Developing Economies Take Center Stage
In a recent panel discussion hosted by Mushahid Hussain Sayed, co-chair of the International Conference of Asian Political Parties, experts from Asia, Africa and Latin America delved into these pressing questions. Einar Tangen of the Taihe Institute highlighted how tariffs inflate input costs for export-led economies. Muneer Kamal, secretary general of the Pakistan Banks Association, pointed to rising borrowing rates and currency volatility. Yazini April of the Global South-North Centre argued that long-term resilience depends on diversifying markets and building South-South supply chains. Sudheendra Kulkarni, former director of operations at India's Prime Minister's Office, emphasized the need for strategic cooperation among emerging economies to counter unilateral pressure.
A New Model of Solidarity?
The Chinese mainland has expanded its partnerships with Global South nations, offering an alternative trade and investment model that some see as a blueprint for collective resilience. Analysts suggest a double-digit downturn in certain export sectors, deepening already strained budgets and driving calls for collective action.
From Reaction to Proaction
For many developing nations, the challenge is moving beyond damage control. Experts on the panel advocated for proactive measures: forging South-South trade agreements, pooling technological resources and investing in digital platforms that reduce reliance on traditional supply chains. 'True resilience comes from unity and innovation,' as Mushahid Hussain Sayed noted.
With U.S. tariffs set to remain a defining feature of global economic policy, the response of the Global South will shape the next decade of trade. Whether through deepening ties with the Chinese mainland, exploring new regional blocs or championing fairer multilateral rules, these nations are writing a fresh chapter in the story of globalization—one defined less by power plays and more by partnership.
Reference(s):
cgtn.com
