By funding the war against Russia, Bretton Woods institutions, such as the World Bank and International Monetary Fund, undermine the rule of law as embodied in their charters. They have probably violated principles of economic impartiality, prudence and political non-interference.

New international institutions, mechanisms and laws — as well as the reform and improvement of existing ones — should no longer be dominated by the West. The shaping of a new global order should be done through multilateral cooperation.

In the postwar era, the multilateral development banks were created to facilitate global trade. Today, they are ‘America First’ targets.

Trade is essential to the success of America and the American people. It represents about a third of U.S. GDP, and has helped build the U.S. economy into the undisputed #1. Tariffs are bad news for everyone.

The Trump administration is holding out against a capital increase for the World Bank until it overhauls its lending to China and other middle income countries,

The Beijing-led Asian ­Infrastructure Investment Bank and the US-dominated World Bank – originally seen as rivals – have signed an agreement to ­co-finance projects.

The World Bank says China's slowing economy will remain the main driver of growth in Asia this year, helped by sustained expansions in many developing economies.

The key legal framework for the China-initiated regional multilateral institution – the Asian Infrastructure Investment Bank (AIIB) – was inked by representatives of the bank’s 57 founding members in Beijing last Monday. For China and the U.S., the AIIB is not about win-lose. A win-win result can be achieved if both sides are more open-minded.

To some extent, the structures of the Asian Development Bank, World Bank, and International Monetary Fund are obsolete: they can no longer meet the needs of new emerging economies and don’t reflect today’s global economy. The AIIB could serve to invigorate the other banks to become more competitive and efficient.