Asian multilateral investment bank says global development financing system works despite Trump

euronews (in English)

Earlier this week, Trump slapped tariffs on Canada and Mexico, only to put them on hold a day later, after the governments in both countries promised action to improve controls at their respective border with the U.S.

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00:00Donald Trump's policy of imposing tariffs could lead to more protectionism and slower

00:05growth in the global economy, as well as more inflation, economists say.

00:10Yet, the global development financing architecture is well positioned to weather the storm, according

00:16to Ludger Schupnecht, the vice president of the Beijing-based Asian Infrastructure Investment

00:21Bank, the AIIB, one of the largest institutions of its kind in the world.

00:26We are working closely together with the other multilateral development banks.

00:35And the fact that multilateralism at the moment is a bit challenged, to my mind, does not

00:41make it less relevant and less important as a positive force going forward for our well-being.

00:48Speaking to Euronews in Brussels, Schupnecht stressed that world leaders need a well-functioning

00:53global financial market, as well as strong trade and investment relations, including

00:57the Trump administration.

01:01I believe in rationality, and yes, I mean, people have different styles.

01:07But I think ultimately it's in all our interest that the multilateral system works, that markets

01:13are open, that we do not engage in too much problematic behavior with each other.

01:22But I believe that we will find good solutions.

01:25Founded at the initiative of China, the AIIB has currently 110 member countries, most of

01:31them from Asia and Europe.

01:33Germany, France, Italy and UK are also members, but not the United States.

01:39Washington considers the bank to be too accommodating towards China.

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