But Rodrik also believes there can be no return to the pre-Trump global system, which relied on one-size-fits-all trade rules enforced by transnational agencies such as the World Trade Organization.

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The Trump-Xi deal is a turning point for the global economy. It promises lower inflation, smoother supply chains, and increased investment in technology, opening a new chapter for global trade.

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Last year, Brazil hosted the G20 Summit 2024 in Rio de Janeiro, with the theme "Building a Just World and a Sustainable ...