The global balance of power has tilted to major emerging economies such as China and India as US hegemony is increasingly undermined – much of it by its own actions, Russia’s Foreign Minister Sergey Lavrov said.
In his speech on Saturday at the fifth Antalya Diplomacy Forum in Turkey, Lavrov argued that the foundations of globalisation powered primarily by America had “come to an end”.
He added that the trend had been under way during former US president Joe Biden’s administration, and that current President Donald Trump’s wave of tariffs marked the twilight of an era of globalisation based on free markets, fair competition and lifting all barriers to trade and economy.
Trump imposed a raft of trade tariffs worldwide after returning to office last year, with the levies evolving into a 10 per cent universal rate this year on nearly all imports to the United States, replacing country-specific reciprocal tariffs since a February ruling by the Supreme Court.
US President Donald Trump delivers remarks on tariffs at the White House on April 2, 2025. Photo: Reuters
In the wake of waning US influence, ushering in a new multipolar world was bound to bring its own set of challenges, Lavrov warned.
