Much to be grateful for in what Trump has done

Though chaotic and autocratic, his presidency has accelerated overdue reforms, pushed countries to adapt and brought long-standing hypocrisies into the light

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US are the natural consequence. Many that were mired in negotiation have suddenly acquired urgency.

Since Trump's return, the EU has sealed accords with Mercosur, Mexico and Indonesia, and its talks with India have advanced. China and the Association of Southeast Asian Nations have inked an expanded pact.

The emerging world knows that it will have to work more closely together if it wants to act as a genuine geopolitical force.

Trade deals outside the

The upside of the dollar's decline

Second, Trump's absurd protectionist bent and habit of bullying the Federal Reserve has resulted in — contrary to what economists had expected — a weaker dollar.

Since Trump announced his tariffs in April, the dollar is almost 4% lower against a basket of major currencies, according to Bloomberg, despite strengthening 1.2% in the past month. For emerging markets, a softer dollar is a great thing. It eases debt burdens and supports growth.

The dollar's erosion as the world's unquestioned reserve currency has been under way since Russia's invasion of Ukraine, which duly exposed the geopolitical risks of dollar dependence, particularly for those holding foreign exchange reserves in the greenback. Russia learnt the hard way how those reserves can be weaponised, and other emerging powers will not want to make the same mistake.