Latest news with #BRICS+
IOL News
3 days ago
- Business
- IOL News
BRICS+ Series: China's Belt & Road Initiative is Advancing Ethiopia's Infrastructure
Ethiopia's strategic partnership with China under the Belt and Road Initiative exemplifies a new development model for the Global South, as it aligns with BRICS' vision of infrastructure-led growth and cooperative partnerships. A new narrative is unfolding in the Horn of Africa and it is one that defies the legacies of colonialism and reclaims Africa's right to development on its own terms. With its dynamic economy and rich history, Ethiopia has become a key player in China's Belt and Road Initiative (BRI). As BRICS+ expands its footprint with the joining of Ethiopia in 2024, the alignment that is between BRICS development goals and Chinese infrastructure investments is both inspiring and critical. Reimagining Development Through BRICS The BRICS bloc has always championed alternative models of development. These models challenge the conditions and ideological strings of the institutions in the Global North and emphasise sovereignty, mutual respect and practical cooperation. The BRICS framework calls for infrastructure-led development, financial independence from traditionally dominant Western lenders such as the World Bank and the IMF and equitable partnerships. Ethiopia's collaboration with China, particularly within the Belt and Road Initiative (BRI), exemplifies the BRICS vision of fostering physical and digital infrastructure, strengthening South-South cooperation, and promoting industrial growth across the Global South. The BRI, therefore, extends beyond a singular Chinese endeavor, embodying the core principles of the BRICS economic partnership. The Addis Ababa-Djibouti Railway: Steel Tracks to Sovereignty One of the most symbolic projects under the BRI of China is the Addis Ababa– Djibouti railway. Completed in 2016 with Chinese engineering and financing, the 750-kilometre electrified railway that connects landlocked Ethiopia to Djibouti's Port– the lifeline for over 95% of Ethiopia's exports and imports. This railway has significantly reduced the transport time from three days to less than 12 hours, improving trade efficiency, cutting costs and reshaping the architecture of logistics within the region. Despite "debt trap" criticisms of Chinese infrastructure investments, Ethiopia's experience with the Belt and Road Initiative offers a counter-narrative. The operational Addis Ababa–Djibouti Railway serves as a crucial element in Ethiopia's economic development. Instead of defaulting, Ethiopia successfully negotiated debt restructuring with China in 2023, demonstrating a cooperative and flexible partnership unlike the strict austerity measures often imposed by Western creditors. BRICS and Ethiopia: A Symbiotic Vision Ethiopia's 2024 entry into BRICS+ offers new opportunities for funding, technology exchange, and strategic partnerships. The New Development Bank (NDB), a BRICS initiative designed as an alternative to the World Bank, is now positioned to finance increased infrastructure development in East Africa. The NDB's lending approach is specifically designed for developing nations, prioritizing sustainability and local involvement—principles often overlooked by conventional financial institutions. For Ethiopia, this is a development model that is not only tailored to its unique challenges, but is also embedded in a bigger Global South coalition. The 10 year development plan of Ethiopia– centered on energy generation, industrial parks and digital transformation– emphasises BRICS' prioritisation of inclusive and high impact development. China financing Ethiopia's Industrial Parks in Adama and Hawassa, for example, has created thousands of jobs, especially for women, and it has also linked Ethiopia into global supply chains without the risk of compromising local control. Ethiopia as a BRICS Beacon in Africa Ethiopia's increasing symbolic and strategic importance within the expanding BRICS framework is evident. As one of Africa's most populous countries, a significant diplomatic center hosting the African Union, and a rising industrial force, Ethiopia's engagement with both the Belt and Road Initiative (BRI) and BRICS is a conscious decision. This reflects Ethiopia's strategic preference for infrastructure-driven development, South-South partnerships, and a multipolar world order, moving away from reliance on aid and traditional neoliberal approaches. Amidst global inequality, climate instability, and geopolitical changes, the Global South, exemplified by countries like Ethiopia, is moving beyond passively receiving development aid. It is actively shaping its own path, redefining progress, and building resilience. Platforms like BRICS and the Belt and Road Initiative (BRI) are facilitating this shift, marking a new era of agency for Africa.A Future Built on CollaborationThe Ethiopia-China-BRICS alliance offers a compelling alternative to traditional development models in 2025. It demonstrates that development is a locally driven, negotiated process rooted in the needs of the people, rather than a uniform approach dictated by Western powers. Ethiopia's experience with the Belt and Road Initiative, especially as more Global South nations join BRICS and align with it, demonstrates that infrastructure development can be a source of liberation and that South-led development, fostered through empowering partnerships, ultimately benefits the global community. Ethiopia's experience exemplifies a BRICS-supported development model for the Global South, suggesting a broader renaissance across these nations. Written By: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Sesona Mdlokovana Associate at BRICS+ Consulting Group UAE & African Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL. ** MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter for daily BRICS+ updates
IOL News
4 days ago
- Business
- IOL News
Iran & Uzbekistan are Driving South-South Investment
People walk past shops in the Grand Bazaar in Tehran on March 3, 2025. Iran's parliament sacked the country's finance minister on March 2 after impeaching him over soaring inflation and a plunging currency, state television reported. As the global economic order continues to shift toward multipolarity, strategic cooperation among emerging markets is taking center stage. Within this context, the growing economic engagement between Iran and Uzbekistan, now both BRICS+ members involved in the BRICS+ cooperation frameworks, demonstrates the increasing importance of South-South collaboration. A Bold Economic Turn At the Iran-Uzbekistan Business Forum held in Tehran on 11 May 2025, Uzbek Prime Minister Abdulla Aripov announced a sweeping incentive: full exemption from taxes and customs duties for Iranian investors operating in Uzbekistan. This signals a strong commitment by Tashkent to attract Iranian capital and expertise. The two countries already boast over 210 joint enterprises in sectors like construction, petrochemicals, textiles, and agriculture—double what they had five years ago. Aripov emphasized Uzbekistan's goal to grow its GDP to $160 billion and cited the $70 billion in foreign investment it attracted in 2023 as a sign of the country's potential. Despite a stable $500 million annual trade volume, both sides view this as far below potential. Iran's Chamber of Commerce is pushing to double trade to $1 billion immediately and $2 billion long-term. Plans include removing visa requirements for Iranian businesspeople, preferential trade agreements, and leveraging Iran's key transit position through the International North–South Transit Corridor (INSTC). Building the Foundation for Long-Term Trade To remove trade and customs bottlenecks, Iran has proposed joint roadmaps and infrastructure upgrades. Uzbekistan has launched a Trade House in Tehran and is backing an Iranian sales office in Tashkent. Iran also suggested a bilateral investment fund via its National Development Fund to finance joint ventures, particularly in energy, petrochemicals, and technology. In 2023, Iran exported $368 million worth of goods to Uzbekistan, compared to imports of just $81 million. Iran sees strong export potential in construction materials, food-processing equipment, and pharmaceuticals. As the Middle East's top steel producer and tenth globally, Iran also offers mining and metallurgical expertise that aligns well with Uzbekistan's development goals. A Comprehensive Strategic Alliance The partnership is expanding beyond trade. Joint tourism, healthcare, and cultural projects are on the table, supported by Iran's robust medical and pharmaceutical sectors. Hassanzadeh emphasized Iran's healthcare strengths and called for reciprocal visa waivers to boost people-to-people ties. Culturally, Iran and Uzbekistan share deep Persianate and Islamic heritage. This opens up opportunities for cultural diplomacy, joint exhibitions, academic exchange, and tourism. In the BRICS context, their collaboration sets a strong example of South-South cooperation. With Iran as a member and Uzbekistan a partner, both countries stand to benefit from BRICS-led infrastructure projects and trade corridors, while reducing reliance on Western-dominated systems. Written By: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Chloe Maluleke Associate at BRICS+ Consulting Group Russian & Middle Eastern Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL. ** MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on Twitter for daily BRICS+ updates
IOL News
20-05-2025
- Business
- IOL News
BRICS+ Series: Malaysia and Vietnam to Deepen Tourism Ties
Malaysia's tourism industry is experiencing a resurgence in the post-COVID era, primarily fueled by regional tourist demand and a burgeoning medical tourism sector. As a BRICS+ partner country, Malaysia is actively seeking to tap into new markets, exemplified by its recent tourism collaboration with Vietnam. This strategic partnership not only serves to bolster the tourism sectors of both nations but also advances the broader BRICS+ agenda of South-South cooperation. Tourism as a pillar of the Malaysian Economy Malaysia has been a booming tourist location in Southeast Asia for many years. Tourism ranks amongst the top sectors of the country, coming after manufacturing and commodities. Along with the rest of the world, the tourism sector suffered gravely as a result of the COVID-19 outbreak. Since then, Malaysia has made significant progress in boosting both domestic and international tourist arrivals. It is expected that the growth of the sector will continue to rise driven by ongoing consumer confidence and growing travel demands. As the sector expands, it positively contributes to the country's economic development for foreign reserves and for the rising tourism expenditure. Malaysia's BRICS+ Momentum Malaysia's entry into BRICS+ as a partner country, opens new opportunities, including enhanced trade, diversified foreign direct investment (FDI), and stronger international influence benefiting the country's economic portfolio. Kuala Lumpur has a greater platform in the international arena on partaking in global issues and therefore the country can have more influence and South-South cooperation to name a few. Malaysia widening its relationships with fellow global South countries strengthens the network of countries to foster mutual growth and development, and most importantly, legitimises the fight against hegemonic rhetoric which only benefits the minority of the globe. Regional Tourism Trends There has been an outstanding improvement by the government regarding industry. Between January to December 2024 the visitor arrivals increased by 8.3% reaching 37 961 485 compared to 2019. From these statistics, the top visiting arrivals into Malaysia were Singapore, Indonesia, China, Thailand, Brunei and India. The most notable growth of tourists in 2023/2024 from these countries was China with an increase of 130.9%, Brunei the second highest with 55.2% growth and third being Singapore with a growth rate of 27.2%. There is notable BRICS+ representation in these countries with three being BRICS members and Thailand being a BRICS+ partner country. Malaysia's impressive growth in the tourism sector is unsurprising given its diverse offerings. The country boasts a rich cultural tapestry, evident in its cuisine, traditions, and festivals, influenced by its indigenous, Malay, Chinese, and Indian populations. Its natural beauty, from tropical islands to rainforests, is breathtaking. Modern and sustainable infrastructure ensures efficient transportation, and iconic landmarks like the Petronas Twin Towers — once the world's tallest buildings and currently the tallest twin structures — add to the allure. Malaysia is a haven for food and luxury enthusiasts, balancing deep-rooted cultural experiences with street food adventures and opulent indulgence. The country's medical tourism sector is also rapidly growing, attracting visitors with its affordable, high-quality healthcare, specialising in cardiology, fertility treatments, dentistry, and health screening, including wellness packages. Medical Tourism Appeal Malaysia has become a popular medical hub for patients from neighboring countries due to several factors. Citizens from Indonesia, Myanmar, Cambodia, the Philippines, and Vietnam often travel to Malaysia for specialised care and treatments that may not be available or are too expensive in their home countries. Even citizens from Singapore, which boasts world-class healthcare, seek more affordable dental and cosmetic treatments in Malaysia. Additionally, patients from Middle Eastern Gulf countries are drawn to Kuala Lumpur for Muslim-friendly services and Halal medical practices. Malaysia's popularity is attributed to its proximity to neighboring countries with convenient flight times, cultural and religious familiarity, and medical packages tailored to ASEAN (Association of Southeast Asian Nations) and Middle Eastern patients. Partnerships with foreign governments and insurance providers and a growing middle class in many Southeast Asian countries have further contributed to Malaysia's appeal as a medical tourism destination. Strengthening Malaysia–Vietnam Ties Recent bilateral developments initiated by BestPrice Travel, a Vietnamese travel company, and Malaysia are in the process of signing a Memorandum of Understanding (MOU) to boost tourism in both countries. The collaboration aims to increase Vietnamese tourists' confidence in Malaysia and promote Malaysian tourism to the Vietnamese market. This initiative is further supported by ministerial-level engagements between Malaysia and Vietnam, focusing on joint promotional campaigns for sustainable tourism growth and facilitating investment connections between the two nations. This is a great opportunity and achievement for South-South cooperation because it deepens the relationship and is perfectly aligned to the founding pillars of BRICS of culture and people-to-people exchanges by fostering mutual understanding and strengthening ties through cultural, academic and business exchanges. This cultural collaboration complements the broader economic and financial cooperation discussed earlier. The growing Malaysia–Vietnam tourism ties serve as an example of the potential within BRICS+ bloc for regional integration, cultural diplomacy, and economic collaboration. As more countries in the Global South explore bilateral opportunities like this, BRICS+ gains credibility as a bloc driven by mutual development rather than great-power competition. Written By: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Banthati Sekwala Associate at BRICS+ Consulting Group Egyptian & South African Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL. ** MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on Twitter for daily BRICS+ updates
IOL News
19-05-2025
- Business
- IOL News
BRICS+ Series: How OPEC and BRICS are Shaping the Future of Global Energy Trade
Representatives of OPEC member countries attend a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5, 2022. The OPEC+ oil cartel meets for the first time face-to-face since Covid curbs were introduced in 2020. OPEC and BRICS: Shared Goals and Increasing Cooperation Founded in 2016, OPEC—which controls over 50% of global oil production, plays a key role in stabilising prices by strategically adjusting its output levels. BRICS+ on the other hand, now including Middle Eastern countries Iran, UAE and possibly Saudi Arabia, aims to promote multipolarity, enhance economic ties and counter Western financial dominance. The increase in collaborations between the OPEC+ and BRICS+ wisely strengthens the Global South, and this makes them very important actors in the shift to renewables and global energy governance. Brazil's Strategic Move: Joining OPEC+ In 2023, Brazil joined OPEC+ and this signaled its efforts to be one of the key players in the energy sector. As the eighth biggest global oil producer (3.3 million bpd in 2024), Brazil's OPEC+ membership enables it to have an influence on global oil policies and aligns with BRICS' pursuit for a multipolar energy system. This move strengthens the energy and security partnership of Brazil within OPEC+, especially within the Middle East. Russia's Dual Role: OPEC+ and BRICS+ The key role of Russia in both OPEC+ and BRICS+ makes it central to global energy governance. As the third largest oil producer in the world, Russia aims to reduce reliance on western markets, diversify exports and strengthen Asian ties. In 2024, Russia produced 10.5 million bpd, with majority exports flowing to BRICS+ countries. Its involvement in the OPEC+ allows it to influence oil production decisions. This dual membership allows Russia to contribute to energy pricing and stabilisation, while also supporting BRICS' geopolitical goal of reducing Western financial dominance. Middle Eastern Powerhouses: Iran, UAE, and Saudi Arabia Iran, UAE and Saudi Arabia, major players within OPEC+, have joined BRICS, signaling a broad geopolitical shift. These countries, particularly Iran and Saudi Arabia, are some of the founding members of OPEC and they hold a large portion of the world's oil reserves together. With a production of 10.5 million bpd in 2024, Saudi Arabia is the world's largest oil exporter, and Iran, regardless of sanctions, reached 1.2 million in 2024. The strategic pivot of Saudi Arabia towards BRICS+ shows that the kingdom has intentions to further strengthen ties in the Global South, moving away from its historical dependence on Western powers. This is a very important development in energy geopolitics as Russia and Saudi Arabia have been cooperating to balance production quotas and stabilise oil prices. Despite facing significant U.S. sanctions, Iran's oil exports have increased, mostly to China and India, showing a change in its geopolitical strategy as evident in its inclusion in both OPEC+ and BRICS. Within OPEC+, Iran maintains the influence it has over global energy discussions. The UAE's membership in OPEC and BRICS emphasises the Gulf's evolving energy strategy. Prestigious for its efforts in diversifying into renewable energy, the UAE aims to balance its fossil fuel production with long-term sustainability goals. Its involvement in both groups positions the UAE as a bridge between traditional energy markets and emerging global energy solutions. Global Energy Implications: A Shift in Power The growing relationship between OPEC+ and BRICS is significantly reshaping global energy governance. Traditionally, Western institutions coupled with the U.S. dollar dominated energy policies and oil trade. However, the deepening collaborations happening between BRICS and OPEC+ presents a challenge to this established order. BRICS has been an advocate for a more equitable global energy pricing mechanism, actively seeking to diminish the central role of the U.S. in energy transactions. The BRICS-backed New Development Bank is already funding energy initiatives in the Global South, providing an alternative to Western financial structures. This growing cooperation between OPEC+ and BRICS indicates a shift in global energy governance, with a growing emphasis on the priorities of the Global South.A Multipolar Energy Future The increasing cooperation between OPEC+ and BRICS signifies a significant change in global energy governance. These nations are aligning their interests to stabilize oil prices and reshape the global energy order. With key players like Saudi Arabia, Iran, Russia, and Brazil influencing oil production, their collaborative efforts to redefine energy policies will ensure a central role for the Global South in the future of global energy trade. This partnership highlights the increasing influence of the Global South in a multipolar world, suggesting a future of more inclusive and balanced energy governance that reflects diverse global economic interests. Written By: *Dr Iqbal Survé Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN *Sesona Mdlokovana Associate at BRICS+ Consulting Group UAE & African Specialist **The Views expressed do not necessarily reflect the views of Independent Media or IOL. ** MORE ARTICLES ON OUR WEBSITE ** Follow brics_daily on Twitter for daily BRICS+ updates
Asia Times
18-04-2025
- Business
- Asia Times
Trump's misguided and deluded tariff crusade
Donald Trump's economic advisors are looking to tariffs as a magic bullet for America's ailments, a simultaneous bid to bring back manufacturing, defend the dollar's status as the world's reserve currency and contain runaway public debt. But this strategy is a house of cards, founded on mutually incompatible goals that defy economic logic. Reciprocal tariffs, including a whopping 145% on China, may generate revenue for government coffers but risk long-term stagnation and fractured alliances while failing to address America's structural economic imbalances. For trading partners like the EU and India, the tariff policy not only threatens export markets but also poses a significant risk to global economic integration, signaling a retreat into 1930s-like protectionism that could unravel decades of economic progress and poverty alleviation worldwide. 1.) Reviving manufacturing Trump's team aims to restore America's industrial might, blaming China's currency manipulation, technology theft and cheap exports for hollowing out American manufacturing. They claim offshoring obliterated 50 million American jobs, a figure inflated by automation's simultaneous toll. But digital photography displaced analog jobs, e-readers upended printing and robotics redefined previously human-run assembly lines—trends Trump's advisors scarcely acknowledge. In 2024, manufacturing contributed 11% to the US GDP, down from 20% in the 1980s, reflecting not just foreign competition but technological evolution, the US failure to reskill its workforce and changing global supply chains. Tariffs aim to lure factories back, promising to make America 'great again' by shielding domestic producers from imports. 2.) Preserving dollar supremacy The policy also prioritizes the dollar's role as the world's reserve currency. China and Russia, through BRICS+, are probing alternatives, prompting Trump to wield tariffs as a deterrent. In his January 2025 inaugural address, Trump vowed 100% tariffs on nations pursuing de-dollarization, a threat that has now materialized with 145% tariffs on China and various other levels for others within 90 days. These measures aim to bully trading partners into maintaining dollar-centric trade, preserving the US's ability to borrow cheaply. With $120 billion in US trade and $437 billion in total global exports (2024), India faces acute risks, as tariffs could choke its access to American markets, squeezing its export-driven growth. 3.) Managing debt and funding tax cuts Finally, Trump's team plans to tackle America's $36.21 trillion public debt—forecast to hit $50 trillion by 2035—while bankrolling tax cuts for the wealthy and those earning under $150,000. Tariff revenue, projected at $300 billion annually, is expected to offset these costs and bolster US Treasury bonds' allure by keeping the dollar strong. This trifecta—industrial revival, dollar dominance and debt management—sounds bold but crumbles under scrutiny, as each goal undermines the others in a tangle of economic contradictions. Pursuing a strong dollar and manufacturing resurgence is a study of mutual exclusion. A strong dollar inflates the cost of US goods, pricing them out of export markets. In 2023, US goods exports totalled $2 trillion, trailing China's $3.4 trillion, a gap widened by America's high wages and currency strength. Reviving manufacturing demands a weaker dollar, as demonstrated by the 1985 Plaza Accord, which devalued the dollar by 50% against the Japanese yen, boosting US exports by 20% within three years. Yet, devaluing the dollar today would erode its reserve currency status as global central banks holding an estimated $7 trillion in dollar reserves might pivot to euros or yuan or yen, thus slashing demand for US Treasury bonds. Foreign investment in US Treasuries and the trade balance are equally at odds. Countries like China, Japan and South Korea, combined holding trillions of dollars worth of US bonds, invest because trade surpluses—$400 billion for China in 2023—generate dollar reserves. High tariffs curb these surpluses by throttling exports to the US, thus reducing dollars available for bond purchases. The US trade deficit, $918 billion in 2024, is fueled by domestic consumption, not just foreign trade tactics. Tariffs risk sparking US inflation—projected at 3% in 2025—prompting Federal Reserve rate hikes that could derail economic growth and tilt a now wobbly economy into recession. In 2024, the Fed signaled rate cuts, but a weaker dollar or lower yields would deter bond investors, further complicating debt management. The interplay between dollar strength, Fed rates and bond attractiveness adds another layer of incoherence to the chart. A strong dollar sustains demand for bonds, but rate reductions reduce yields, scaring off foreign investors. If inflation rises, prompting rate increases, borrowing becomes more expensive, tightening fiscal space for tax cuts. These contradictions expose the policy's fragility: tariffs aimed at one objective—say, reviving manufacturing—risk sabotaging others like debt financing. The policy thus risks a self-defeating spiral, undermining the very objectives it seeks to achieve. Trump's team casts the trade deficit as a plot by foreigners—China, the EU, Mexico and Canada—to cheat the US, but America's structural profligacy is the real culprit. The US spends beyond its means, running a $2 trillion fiscal deficit of 6% of GDP in 2024. This 'spend-now, pay-later' mentality, enabled by the dollar's reserve status, drives the current account deficit, including the trade gap. American households save just 3% of GDP, compared to China's 25%, while government deficits, swollen by tax cuts and subsidies, amplify the imbalance. Both the Republican and Democratic parties share the blame, pandering to wealthy lobbies with policies that shun revenue hikes. On April 10, 2025, the House of Representatives approved a Senate-amended budget resolution allowing $5.3 trillion in tax cuts, $521 billion in defense and immigration spending increases, at least $4 billion in spending cuts and a debt limit hike of up to $5 trillion. The dollar's privilege lets the US borrow cheaply, with foreign central banks holding $7 trillion in reserves. Yet this masks the root issue of chronic US overspending. Even at $300 billion annually, tariffs are a drop in the bucket against a $2 trillion deficit, incapable of funding tax cuts or debt reduction without reforms to entitlements like Social Security or Medicare. Trump dodges Washington's fiscal recklessness by vilifying trade partners, risking trade wars that could cost its allies like India, Vietnam, the EU and Canada billions in exports and destabilize global markets. Historical missteps underscore the folly. The Smoot-Hawley Tariff Act of 1930, raising tariffs at less than 60% (except sugar at 77.21% and tobacco at 64.78%), deepened the Great Depression by choking global trade. Trump's tariffs, while less sweeping, echo this protectionist impulse while ignoring the interconnectedness of modern economies. The trade deficit is not a scorecard of foreign deceit but a mirror of domestic choices—low savings, high consumption and deficit spending—that no tariff can fix. Trump's tariff strategy is a quixotic bid for economic glory that courts failure. A strong dollar smothers manufacturing while devaluation jeopardizes its reserve status and bond demand. Tariffs may raise revenue but inflate prices, hurting consumers and allies like the EU, Japan and India, whose export markets face disruption. The trade deficit reflects America's fiscal incontinence, not foreign malice, and cannot be resolved by punitive duties alone. The path forward lies in reining in Washington, not waging trade wars. Tackling overspending—through spending cuts and tax reforms that make the wealthy and middle class pay a fair share of taxes—is essential for sustainable growth. Raising household savings, streamlining entitlements and addressing lobbying's grip on fiscal policy would curb deficits more effectively than tariffs. Globally, the US must rebuild trust with trading partners rather than alienate them with protectionist bluster. Without these hard choices, Trump's vision of American greatness will remain a delusion, leaving the economy weaker, the dollar declining and the world wary of US leadership. Bhim Bhurtel is on X at @BhimBhurtel
