Globalisation and Protectionism: Key Insights from The Philippines, Indonesia, and Vietnam
Sunday, 18 August 2024, 12:30
Globalisation's Importance Amid Protectionism
The resurgence of protectionism poses challenges for economies like The Philippines, Indonesia, and Vietnam. While globalisation is essential for their growth, policies from the US, notably under Joe Biden and Donald Trump, reflect a shift that could hinder progress.
Economic Impacts
- Rising tariffs threaten trade dynamics.
- Recession risks grow as inflation rises.
- Manufacturing sectors may face setbacks.
As Kamala Harris discusses multilateralism, it’s vital for these nations to adapt to protect their interests without shutting foreign markets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.