Earlier in July 1944, it had convened a conference in Bretton Woods, New Hampshire, to create a set of global monetary institutions. During the Cold War, the Soviet Union and its allies chose not to be part of this global system. Nevertheless, the Bretton Woods system, warts and all, did contribute to a large degree of global prosperity. The global trading system, of course, had been under assault since Trump assumed office for a second, non-consecutive term in January 2024. Trump’s abrupt, callous decision to walk away from longstanding American commitments will only lead to a harsher and more unjust world.

Source: Indian Express January 10, 2026 07:27 UTC