Wang Huiyao speaks at United Nations Security Council
CCG | April 23 , 2025CCG President briefed the UNSC session on “The Impact of Unilateralism and Bullying Practices on International Relations.”
▲Video | Wang Huiyao’s Speach at UNSC（EN）
▲Video | Wang Huiyao’s Speach at UNSC（CN）
Convened by the People’s Republic of China and moderated by Fu Cong, China’s Permanent Representative to the United Nations, the meeting was broadcast live and remains available on UN WebTV with interpretation in all six UN official languages.
Wang was one of two briefers for the meeting, alongside Jeffrey David Sachs, director of the Center for Sustainable Development at Columbia University and president of the UN Sustainable Development Solutions Network. Following the briefers, representatives of some UN member states also spoke.
Available below is an English translation of the speech Wang delivered at UNSC.
Distinguished Delegates, Ladies and Gentlemen,
Good day. It is an honor to join you all today as we gather to discuss the grave challenges confronting global governance and the international economy. This year marks the 80th anniversary of the founding of the United Nations—a milestone that reminds us of the fundamental norms that underpin modern international relations. The purposes and principles enshrined in the UN Charter, especially the advocacy of multilateralism, have been broadly accepted and upheld by most countries in the world.
Over the decades, despite the evolving global landscape, the United Nations has maintained its central role in coordinating international affairs. The world has, on the whole, remained peaceful and stable, while economic globalization has emerged as a defining trend of our times. Interdependence among nations and the vision of a shared future have gained wide recognition, and mutual benefit and common development have become widely embraced goals.
In recent years, however, we have witnessed a troubling rise in unilateralism and economic coercion. These practices are inflicting profound and far-reaching harm on global economic growth, the implementation of the Sustainable Development Goals (SDGs), people’s livelihoods, and the broader international political and economic order. Unilateral measures—characterized by high tariffs, economic sanctions, technological blockades, and efforts at decoupling—have been especially pronounced in hegemonic actions by the United States. These actions have not only squeezed the foreign trade space of developing countries and disrupted their already fragile economies, but also undermined global efforts to alleviate poverty and promote education and health.
For many countries, including those in Europe, such unilateral moves have eroded the trust underpinning multilateral cooperation and intensified policy fragmentation and market uncertainty. More alarmingly, this growing unilateral tendency to act outside international norms is accelerating the erosion of the global governance architecture centered on the United Nations and the World Trade Organization (WTO), increasing fragmentation and instability in the world order.
In this context, it is all the more crucial to uphold multilateralism and strengthen international cooperation. Only through multilateral mechanisms can we effectively address global challenges and foster a fair, balanced, and sustainable international economic order.
Due to the United States’ policy divergence from the path of globalization, the global economy is now facing tremendous uncertainty. According to the WTO’s “Global Trade Outlook and Statistics” report released on April 16, 2025, the volume of global merchandise trade is projected to decline by 0.2% in 2025. Should current tensions escalate, the decline could reach 1.5%. On the same day, World Bank President Ajay Banga cautioned that the trade war and tariff policies initiated by President Trump have increased global uncertainty and may further slow global economic growth. Similarly, IMF Managing Director Kristalina Georgieva warned that uncertainty over global trade policies is “off the charts” and would lead to “notable markdowns” in growth estimates. This trend has raised serious concerns about the future trajectory of the global economy.
First, the current trade war is, in essence, a trade war initiated by the U.S. government against the rest of the world. It has disrupted the international order and caused significant harm to the global economy. The growth of global trade has driven economic expansion and prosperity worldwide, fostering increasingly close ties among national economies. Since the establishment of the WTO 30 years ago, global trade volume has surged from US$5 trillion in 1994 to US$33 trillion in 2024—an increase of more than fivefold. A prolonged trade war would severely hinder global economic development and stability.
As the world’s largest economy, the United States has long accounted for over 25% of global GDP. The U.S. dollar, serving as the dominant international reserve currency, makes up around 60% of global foreign exchange reserves. These advantages have allowed the U.S. to reap enormous benefits from economic globalization and the dollar’s hegemony, making it undeniably one of the greatest beneficiaries of free trade and the current international economic order. However, in recent years, the United States has increasingly denied the gains it has made from free trade, portraying the international trade system as unfair. Rather than actively advancing globalization, it has increasingly acted as a disruptor of it.
Second, the so-called U.S. trade deficit presents only a partial picture. While there is a deficit in goods trade, the U.S. maintains substantial surpluses in services, investment, and talent. In the services sector alone, the U.S. posts a trade volume of over $1 trillion with a surplus of $300 billion.
Moreover, as the world’s primary payment currency, the U.S. dollar allows the United States to leverage its deficit position to acquire global resources at scale. The dollar’s role as the dominant global settlement currency provides the U.S. with enormous advantages. These conditions have cemented America’s prominent position in the global economy and attracted substantial international investment. As a result, U.S. stock markets have repeatedly reached new highs, buoyed by strong global capital inflows.
It is important to note that although the United States runs a deficit in goods trade, it has deliberately phased out certain sectors of manufacturing—particularly those that are pollution-intensive or labor-intensive. These industries are often less desirable to American workers, have a greater environmental impact, and typically yield slower investment returns. As a result, their relocation to labor-abundant countries—most of which are developing economies—has been part of a natural process of global economic restructuring.
Against this backdrop, the United States has redirected its focus and resources toward high-tech industries, education, life sciences, the digital economy, and artificial intelligence. These sectors have seen rapid innovation and growth, enabling the U.S. to maintain a leading position globally. While the U.S. has retreated from certain areas of traditional manufacturing, this shift does not suggest a loss of overall competitiveness. Rather, in line with the principle of comparative advantage, countries have increasingly specialized in different sectors, highlighting their strengths and complementarities. The United States continues to hold a significant advantage in the global economy, but it cannot expect to be the winner in every field.
Third, the trade war has significantly hindered the normal operations of multinational corporations, which rely on finely tuned global value chains marked by specialization and close coordination. These networks are essential for reducing costs, improving efficiency, and responding quickly to market demands. However, the imposition of high tariffs and heightened policy uncertainty caused by the trade war have not achieved the so-called “reshoring of manufacturing.” Instead, they have severely disrupted global economic arrangements.
The impact on developing countries has been particularly severe. Many of these nations serve as suppliers of raw materials, primary processing hubs, or assembly centers within global value chains. Their economies are highly dependent on export-oriented industries. When trade wars erupt between major economies, global demand weakens, supply chains are disrupted, and investor confidence declines. As a result, these already fragile developing economies are often the first to suffer.
Fourth, history has shown the dangers of protectionism. In the 1930s, under the pretext of “protecting domestic industries,” the United States imposed tariffs of over 50% on nearly 2,000 imported goods. This policy ultimately plunged the U.S. into the Great Depression and inflicted widespread hardship across the globe. In 2018, the U.S. imposed additional tariffs on $250 billion worth of Chinese goods, causing American consumers to pay an extra $57 billion annually in tariff-related costs.
Today, the U.S. accounts for only 13% of global merchandise imports, a notable decline from nearly 20% two decades ago. This suggests that the United States alone lacks the leverage to reverse the course of economic globalization. Simon Evenett, professor at the International Institute for Management Development (IMD) in Switzerland, found that if America’s trading partners maintain their current export growth rates to other markets, 70 of them could would fully make up their lost sales to the U.S. within one year, and 115 partners could do so within five years.
Fifth, economic globalization is an unstoppable trend. In the face of rising protectionism, the momentum to safeguard and advance globalization is gathering strength. China has implemented zero-tariff policies for more than 40 least developed countries, aiming to better support the development of the broader Global South. The deepening of the Regional Comprehensive Economic Partnership (RCEP), the advancement of the African Continental Free Trade Area (AfCFTA), and the expansion of the BRICS bloc all demonstrate that globalization continues to be embraced by the international community.
Today, the widespread aspiration among nations is not to reject or abandon globalization, but to build a more inclusive and equitable form of globalization that benefits all.
In closing, I wish to emphasize the imperative of steadfastly upholding the banner of multilateralism and returning to the United Nations platform to further enhance dialogue and communication. The think tank I founded, the Center for China and Globalization (CCG), holds Special Consultative Status with the United Nations and has long been dedicated to promoting China’s engagement with globalization, advancing research on globalization, and contributing to the improvement of global governance.
At a time when the world is facing unprecedented crises, we must strengthen cooperation and work together to safeguard global peace and development.
Thank you.
