World is passing through very uncertain times. The ongoing trade war between America and China has threatened to destabilize global economy. The rising crude price has also posed its own problems. In India, it is already widening the current account deficit and leading to inflationary pressures. In recent past the Bombay Stock Exchange has corrected by around 5000 points. Share prices of most of the stocks have plummeted. Emerging market economies too are not doing well. Their economies are struggling to deal with the macro headwinds.
Geo-politically, the US president Donald Trump’s erratic and amoral behaviour has made the world an unstable place.
The US president has increasingly sought to withdraw US from many of its global power engagements in the world, straining even the military alliance like NATO and alienating the European Union. Trump has even trashed the multilateral agreements which previous administration had played an instrumental role to rally the world around. One such critical agreement was the Paris Climate accord. Trump unilaterally withdrew from it saying it was unfair to US. However, more than a withdrawal from US global engagements and commitments, it is the US abandonment of the human rights discourse that is a source of great concern. Trump’s vicious campaign rhetoric, the anti-Muslim tone and even policies of the new US Government have detracted from the US moral authority. So much so, the country seems now hardly in a position to lecture other countries on the human rights and democracy.
In case of long running conflicts the situation is even worse. The disengagement means that no need is felt by the countries dealing with the internal conflicts to be respectful of human rights let alone take steps to resolve the issues. What is more, the growing US withdrawal from the world and its new found reluctance to put its weight and money behind the United Nations, the profile of the world body too has correspondingly declined. This state of affairs portends a dangerous world. In the absence of an international oversight and the weakening of the global institutions, the countries around the world are getting away with the murder.
Will this situation change anytime soon. Unlikely. The US under Trump looks unlikely to change its course. Its approach to China has threatened to start a new cold war. On the other hand, new geo-political alignments are taking place. India signed a defence deal with Russia in defiance despite its new found bonhomie with the US. China and Russia are moving ever more closer. The Trump’s combative approach is alienating a lot many countries. This is not a happy state of affairs for the world to be in. Here’s hoping that the things change soon. But for this to happen, the European Union, another bulwark in international affiars, will have to assume a global leadership role.
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