For much of the 20th and early 21st centuries, the global economy has been characterized by a Western-centric order, a near hegemony dominated by the United States and Europe. This “Old Boys’ Club” wielded considerable influence through bloc politics, zero-sum game and arm-twisting of international institutions.

Because old-fashioned economic order has been infested by gazillion contradictions, injustices and disparities widening gap between rich and poor, many have already expected its doom in phases. However, instead of bit by bit, decay has raced toward its terminal ending as a result of recently created the US’s “tariff extremism” around the globe. Since US’s tariff offensive eclipsed friends and foes, the contours of new global economic system are in making with leading forces of emerging markets such as China and global south.

Since returning to the presidency, Trump has unleashed a new wave of “tariffs terrorism” unprecedented in scope. Traditional allies and strategic rivals are now under the same banner, marking a radical shift in Washington’s trade policy that hardens positions taken in Trump’s first term and now, amplifying them with an unbridled display of power.

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In order to assess as to why US-led world economic order that propagates protectionism, decoupling and unilateralism is doomed to fall. And what are the merits of emerging law-based multipolar world economic order that will steer all toward sustainable prosperity, there are vivid rationales. One of the most immediate reasons which has started dismantling US-led economic order is that protectionism is increasing in consumer prices. Tariffs and import restrictions lead to higher costs for imported goods, which are often passed on to consumers. For example, the tariffs imposed by........

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