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As tariff policies of the United States challenge the global trade order, the world might build a new multilateral trade system and see reshuffling of the international monetary architecture, in which Europe and emerging markets such as China could play a bigger role, leading international economists said. Nobel Prize-winning economist Michael Spence said the US has shown an anti-multilateral posture under the current administration, marked by its withdrawal from the World Health Organization. With that, structural changes may unfold in the international trade system, he said. While there could be different scenarios ahead, the most likely one is that Europe as well as China and other major emerging economies will sponsor a process that results in a reasonably functional, practical and workable multilateral system. That could happen even in the absence of US support, though the process could be messy, Spence said. Such a scenario would not have worked 25 or 30 years ago, but is likely
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