Need of the moment: Renewed US leadership on trade, not defeatism

US PRESIDENT Joe Biden is hosting a Summit for Democracy this week as part of America's efforts to rally the world against attempts by authoritarian regimes to undermine democratic governments.

One could question whether such an event would reinforce Western global interests or, for that matter, if it would accelerate the momentum towards democratic reforms around the world. In particular, some raise doubts about the credibility of the event, considering that the list of invitees includes governments whose commitment to democratic principles has been questioned. But then Washington sees them as geostrategic partners in containing Russia and China. It is doubtful, in any case, that the United States has the power - or even the responsibility - to press governments to embrace its democratic standards.

But there is one policy area where the world's largest economic power has played a major role since 1945, and where it could continue making a major difference now while advancing US interests worldwide: Strengthening the foundations of the liberal international trade system. Unfortunately, under former President Donald Trump, the US not only relinquished its post-1945 global leadership role of promoting free trade; it embraced a radical protectionist agenda, even launching trade wars against economic partners in Europe and Asia.