NEW YORK — Countries around the world are confronting the same confluence of shocks. The continued breakdown of the global trading system, owing to a volatile United States tariff policy, is now accompanied by the risk of disruptions to trade routes and oil production from military conflicts in the Middle East.
Moreover, concerns about the safety of dollar-denominated assets are growing, because US President Donald Trump’s “big, beautiful” spending bill is expected to erode America’s already weak fiscal position. At the same time, the broad, geopolitically induced reshuffling of global supply chains continues, and the risk of climate and environmental breakdown has increased, especially now that the US has withdrawn from the Paris climate agreement again.
Given that everyone will suffer from these shocks, cooperation to ameliorate them should be a…
