Leading economists and experts have warned that U.S. House Speaker Nancy Pelosi’s Taiwan trip will have disastrous consequences for China-U.S. ties and increase decoupling across the world. Speaking to CGTN Anchor Guan Xin, Jeffrey Sachs, Director of the Center for Sustainable Development at Columbia University, and Michael Powers from Tsinghua University’s School of Economics and Management stressed that the trip will also have a detrimental effect on global investment.
According to Sachs, Pelosi’s trip was one that should never have taken place. By undertaking such a trip, the U.S. Speaker has behaved in an irresponsible manner. As for U.S. President Joe Biden, the trip is evidence that he does not have the mettle or stature needed to be a global leader.
“There is an aggressive U.S. mindset right now that aims to divide the world, based on the notion that the U.S. has to run the world. I think it’s an extremely misguided idea,” he said. The interests of Taiwan, the United States and rest of the world should be for peace, extended cooperation and diffusion of tensions.
Powers added that the irresponsible actions of politicians like Pelosi will hasten decoupling moves across the world. “If the United States, China and other major powers start retreating from global organizations, particularly multilateral organizations, to create their own spheres of influence, it will become very difficult for developing countries to attract investment. What makes it worse is the fact that developing countries need investment from all sources and have nothing to do with these actions,” he said.