It is no longer about America sneezing and the world catching a cold, as Trump abandons global cop role world is in panic mode

X: @prashanthamine

Mumbai: The oft quoted phrase “When America Sneezes, the world catches a cold” does no longer suffices to describe the economic bloodbath on Dalal Street on Friday, after US President Donald Trump remarked at the White House on February 27, “We’re actually going to Fort Knox to see if the gold is there. Because maybe somebody stole the gold. Tons of gold.”

Has this scaremongering really triggered the current meltdown in global financial markets? China not so long ago was on a gold buying spree in the international market, pushing up gold prices, a first indication of turbulent economic times ahead. In October last year, India quietly moved 102 tons of its gold deposits from the Bank of England.

Which was followed by the US withdrawing 8,000 bars of the precious metal amidst fears of a US-UK tariff war. Prompting the Bank of England to issue a statement that all appointment windows for withdrawal of gold for the foreseeable future have been filled. However, it had to assure Brits that their gold was safe in the bank vaults.

The flurry of executive orders Trump signed ever since he stepped into his Executive Office in the White House on January 20 taking on US allies and foes alike both within and outside has sent chills down the spine of everybody. The scenario at present looks more like the proverbial bull in the china shop. Everybody appears to be waiting with anxious breath, who’s going to be next?

In fact the phrase is an adaptation of a much older phrase attributed to Prussian (Austrian) diplomat, Klemens Wenzel Furst von Metternich (1809-48), who is reported to have once remarked, “When France sneezes the whole of Europe catches a cold”.

The irony of Metternich’s phrase is that even the European Union (EU) seems to have developed cold after Trump’s unsparing views of EUs existence being there meant to harm US interests. Or cutting down to size UK Prime Minister Keir Starmer by asking “could you take on Russia by yourselves?” Not to speak of Canada, calling Prime Minister Justin Trudeau the 51^st Governor of a US state.

Notwithstanding Trump’s views on NATO and EU leadership, the Quad partners, the Five Eyes partners and even the trilateral AUKUS partners are in favour of more sanctions against Russia and are still in support of Ukraine. It was no wonder that the once bitterly critical of India, President of the European Commission, Ursula von der Leyen came calling on Prime Minister Narendra Modi last week.

Trump has set in his plans to downsize the Federal workforce. He has even plans to dismantle U.S. Africa Command (AFRICOM), transferring it under European Command (EUCOM), as part of his plans of downsizing the Pentagon, and withdrawing U.S. troops from certain places in Africa.

He has already announced that according to him the de-Dollarization BRICS alliance of – Brazil, Russia, India, China, and South Africa along with Indonesia, Ethiopia, Iran, Egypt and United Arab Emirates (UAE) is dead. Even before getting into the Oval Office, Trump had quite bluntly put it that he wanted the Israel-Hamas war to end before he took charge and likewise an end to the Russia-Ukraine war, threatening some tough action if his agenda was not met.

The US has already announced its pull out of the World Health Organisation (WHO) for its mishandling of the Covid-19 pandemic. Besides that, Trump has announced that the US would withdraw from UNHRC and the main UN relief agency for Palestinians (UNRWA) and review its involvement in the United Nations Educational, Scientific and Cultural Organization (UNESCO).

Like a true businessman that he is, Trump’s answer to unyielding allies and opponents is to use the carrot and stick policy. Although he admired Prime Minister Narendra Modi for his tough negotiating/bargaining skills, on the trade tariffs issue, he did make it amply clear to expect reciprocal trade tariffs from the US side. To sweeten things up, Trump did make a tempting offer of Fifth Generation Stealth fighter jet F-35A to restore parity between China and India.

He has left the issue of Bangladesh, how to deal with it, to Prime Minister Narendra Modi. It is still unclear as to what Trump’s stance is on Taiwan and the Indo-Pacific issue as a belligerent China tries to flex its military muscles.

As the US under Trump begins to look more inwards and abandons its Global Cop role, testing times lie ahead not just for the world at large, but for India as well. The way he had an ugly public spat with Ukrainian President Volodymyr Zelenskyy last week at the White House, or cutting down to size UK Prime Minister Keir Starmer over the Russia issue, world leaders might better want to stay away at a harms length from the White House in Washington at least for some time now, for not to catch the cold at least.