A Threat to Global Prosperity and Asia's Future - Boao Forum Experts Warn

A Threat to Global Prosperity

Experts at the 2025 Boao Forum for Asia expressed concerns about the negative impact of unilateralism and trade protectionism pursued by the United States. They argued that these policies harm not only the US itself but also the rest of the world.

Kishore Mahbubani, former Singaporean ambassador to the UN, emphasized the importance of a "multicivilizational" world where diverse civilizations can flourish. He criticized President Trump's departure from multilateralism, which he believes undermines global cooperation.

Carlos Gutierrez, former US Secretary of Commerce, highlighted the dangers of "America First" policies, which have led the US to withdraw from international institutions like the World Health Organization. He questioned the future of US foreign policy if it continues to dismantle institutions it helped create.

Jeffrey Sachs, an economics professor at Columbia University, criticized Trump's trade policies as based on falsehoods and misunderstandings. He argued that tariffs will not solve the US fiscal deficit and will instead harm American industries by making them less competitive.

Patrick Foulis, foreign editor of The Economist, suggested that Asia needs to build more trade agreements and replace services previously provided by the US, such as a global currency and financial system.

Cui Tiankai, former Chinese ambassador to the US, pointed out that the US share of the global economy has remained largely unchanged despite the global economy's eight-fold expansion over the past half-century. He emphasized the need to ensure that a growing global economy and advancing technologies benefit more nations, not just the US.

The experts at the forum stressed the importance of upholding Asia-Pacific values such as mutual respect, shared interests, and peaceful resolution of differences. They believe that the region must remain confident and leverage its strengths to navigate the challenges posed by unilateralism and trade protectionism.