Countries will start looking inward and isolationism is likely to be a driver for both economic and foreign policy.
The difficult relationship between two key US allies in Asia-Pacific has become a full-blown trade war, which is bound to have an impact on the global economy.
The decision comes two months after US President Donald Trump agreed to lift tariffs on steel and aluminum from Mexico and Canada after the three nations agreed on a revised North American free trade pact.
For the first time in 25 years, the member countries of the Asia-Pacific Economic Cooperation (APEC) failed to make a joint statement on Sunday under the shadow of US and China trade war.
The world's two biggest economic powers have now slapped tit-for-tat tariffs on a combined $100 billion of products since early July, with more in the pipeline, adding risks to global economic growth.
The EU leadership is willing to forge new alliances to overcome Trump's harsh trade policies and secure its borders without Washington's support.
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