![]() "Other countries are starting to become concerned at this type of behavior: unsustainable debt levels and the imposition of a 'rules based order' and global economics that only appear to service the U.S. The debt ceiling crisis forced President Joe Biden to cut his Asia trip short after his appearance at the G7 meeting late last month in Hiroshima alongside the leaders of Canada, the European Union, France, Germany, Italy, Japan and the United Kingdom.Īnd while the influential group sought to showcase a united front, another meeting held by leading diplomats of the five core BRICS members last weekend in South Africa also generated global interest. "Overbearing in that it has used international mechanisms to punish countries it doesn't agree with (cutting countries off SWIFT) and has appeared to use the G7 as an economic 'gang' to support and justify what it does elsewhere." debt ceiling-which has only been pushed back to 2025-and the risks of sanctions," Devonshire-Ellis told Newsweek. "Unreliability such as issues concerning the recent U.S. "The main drivers are to do with an overall belief that the United States has become both unreliable and overbearing in its foreign policy," said Chris Devonshire-Ellis, chairman of the Dezan Shira & Associates business firm dedicated to doing business across Asia. ![]() Global interest among nations seeking to join the BRICS economic bloc led by Brazil, Russia, India, China and South Africa is demonstrating its growing influence as a new geopolitical force with the potential to challenge the largely Western-led financial system.Īs the group prepares to hold a fateful conference this summer, transformations long in store for the international order are beginning to take effect. ![]()
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