Rising unilateralism and economic protectionism are undermining global development and threatening the stability of the international order, said a prominent Chinese think tank leader during a UN Security Council Arria-Formula meeting on Wednesday.
Speaking as the UN celebrates its 80th anniversary, Wang Huiyao, president of the Center for China and Globalization (CCG), emphasized the importance of multilateral cooperation, saying that the UN Charter's principles remain vital to peace and stability. He warned, however, that a surge in unilateral actions is undermining decades of progress.
"High tariffs, economic sanctions, technological blockades, and decoupling measures - particularly those led by the United States - are severely squeezing the trade space of developing countries and undermining global progress on poverty alleviation, education, and healthcare," Wang said.
Wang pointed to the latest WTO report released on April 16, which forecasted a 0.2 percent decline in global merchandise trade volume in 2025, cautioning that if current trends persist, the contraction could deepen to 1.5 percent.
He also cited World Bank President Ajay Banga, who linked escalating trade tensions to slowing global economic growth, and IMF Managing Director Kristalina Georgieva, who recently warned that trade uncertainty is at an "unprecedented level," prompting the Fund to significantly lower global growth expectations.
"These data reflect our grave concerns about the future economic outlook," Wang said.
He noted that since its establishment, the World Trade Organization (WTO) has overseen massive trade expansion: global trade has grown from 5 trillion U.S. dollars in 1994 to over 33 trillion dollars in 2024, marking a sixfold increase. But current trade wars, he said, jeopardize this progress.
Challenging U.S. trade complaints, Wang argued that America's goods trade deficit is only part of the picture. In services, the United States posted a 300 billion dollar trade surplus, with total service trade exceeding 1 trillion dollars. Moreover, the United States benefits immensely from the global role of the U.S. dollar, which accounts for about 60 percent of global foreign exchange reserves, and enjoys a dominant position in attracting global capital.
"The United States has selectively offshored sectors like polluting and labor-intensive manufacturing - an intentional economic transformation that enabled its shift to high-value industries," Wang said.
Highlighting the broader economic cost, Wang referenced 2018 U.S. tariffs on 250 billion dollars of Chinese goods, which forced American consumers to pay an additional 57 billion dollars annually.
"The U.S. now accounts for only 13 percent of global goods imports, down from nearly 20 percent two decades ago - hardly sufficient to dictate global trade alone," Wang said.
He emphasized that developing countries, deeply integrated into global value chains as suppliers and manufacturers, are particularly vulnerable to trade disruptions.
Despite mounting challenges, Wang stressed that economic globalization remains an unstoppable force. He pointed to China's zero-tariff policy for over 40 least developed countries and the growing influence of initiatives like the Regional Comprehensive Economic Partnership (RCEP) and the African Continental Free Trade Area as signs that multilateral trade cooperation is far from over.
"The global consensus is not to abandon globalization, but to make it more inclusive and equitable," he said.
Wang concluded with a strong appeal to reinvigorate multilateral mechanisms, placing the United Nations at the center of global governance.
"The world is facing unprecedented challenges. We must strengthen cooperation and return to multilateral dialogue. Only then can we safeguard peace and promote sustainable development," he said.
Wang is leading a CCG delegation on a week-long U.S. visit, with stops in New York, Washington, and Boston to engage with American think tanks, business leaders, and media outlets.
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