The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
World Trade Without the US
English Summary
The article argues that despite the United States' shift toward aggressive protectionism and abandonment of multilateral leadership, the remaining 165 WTO members can and should continue global trade liberalization independently. By adopting a WTO-based plurilateral approach and moving away from strict consensus decision-making, these nations can address 21st-century challenges like digital trade while bypassing American commercial recalcitrance. Evidence suggests that global supply chains are already reconfiguring through 'trade deflection' and new non-US agreements, proving that international trade can persist without the U.S. at its center. Ultimately, collective action within the WTO framework is necessary to prevent global economic fragmentation and to maintain the rule-based system until the U.S. returns to a cooperative role.
中文摘要
文章指出，儘管美國轉向激進的保護主義並放棄多邊領導地位，世貿組織（WTO）其餘 165 個成員仍能且應當獨立推動全球貿易自由化。藉由採納以 WTO 為基礎的複邊（plurilateral）方法並擺脫嚴格的「協商一致」決策模式，這些國家可在避開美國商業阻撓的同時，應對數位貿易等 21 世紀的挑戰。證據顯示，全球供應鏈正透過「貿易偏轉」與新的非美協議進行重組，證明國際貿易在沒有美國作為核心的情況下仍可維繫。最終，在 WTO 框架下的集體行動對於防止全球經濟碎片化、維護以規則為基礎的體制至關重要，直至美國重返合作立場。
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