World of Wars and Bonfire of G7 Vanities

A week is indeed a long time in geopolitics.

- SHANKKAR AIYAR

On Tuesday, the world markets celebrated headlines about a trade deal between China and the US. On Friday, world markets plummeted following Israeli strikes on Iran. Real wars tend to make trade wars look insignificant.

This week, the G7, the group of advanced economies, is observing the 50th anniversary of its origin in picturesque Kananaskis in Alberta, at the foothills of the Canadian Rockies. The theme, as always, is lofty: international peace and security, global economic stability and growth, digital transition and global challenges.

The ground realities mock at the ballyhooed heft of advanced economies to sustain predictability and stability. Global trade is upended, thanks to Donald J Trump's America First tariff policies. Sure, there is a ceasefire on tariffs, a détente with China and talks about talks with other countries. Peace is in pieces. Trump's promise of peace in 24 hours is consigned to the bunker by Russian President Vladimir Putin. The ceasefire-for-hostages deal in Gaza is comatose. Newly 'liberated' Syria is haunted by sectarian killings despite a relief on sanctions—US Secretary of State Marco Rubio warned the country is weeks away from an epic civil war. On Wednesday, after US declared the "end of bombing", the Houthis warned of attacks.