Earlier this week, Trump slapped tariffs on Canada and Mexico, only to put them on hold a day later, after the governments in both countries promised action to improve controls at their respective border with the U.S.
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00:00Donald Trump's policy of imposing tariffs could lead to more protectionism and slower
00:05growth in the global economy, as well as more inflation, economists say.
00:10Yet, the global development financing architecture is well positioned to weather the storm, according
00:16to Ludger Schupnecht, the vice president of the Beijing-based Asian Infrastructure Investment
00:21Bank, the AIIB, one of the largest institutions of its kind in the world.
00:26We are working closely together with the other multilateral development banks.
00:35And the fact that multilateralism at the moment is a bit challenged, to my mind, does not
00:41make it less relevant and less important as a positive force going forward for our well-being.
00:48Speaking to Euronews in Brussels, Schupnecht stressed that world leaders need a well-functioning
00:53global financial market, as well as strong trade and investment relations, including
00:57the Trump administration.
01:01I believe in rationality, and yes, I mean, people have different styles.
01:07But I think ultimately it's in all our interest that the multilateral system works, that markets
01:13are open, that we do not engage in too much problematic behavior with each other.
01:22But I believe that we will find good solutions.
01:25Founded at the initiative of China, the AIIB has currently 110 member countries, most of
01:31them from Asia and Europe.
01:33Germany, France, Italy and UK are also members, but not the United States.
01:39Washington considers the bank to be too accommodating towards China.