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The Economic Times

Economy / The Economic Times

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China wins as Trump cedes leadership of the global economy

President Trump declared the end of American leadership in the post-WWII liberal democratic order at Davos, asserting the US would no longer subsidize allies and vowing to continue his trade war. He also flip-flopped on using tariffs for Greenland. Meanwhile, China's Xi Jinping was presented as a champion of globalization, contrasting with Trump's America First approach.

22 Jan 2026 6:19 pm