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Opinion
Mihir Sharma, Columnist

China’s Trade Model Is Built on Keeping Others Poor​

November 14, 2025 at 3:00 AM GMT+8
By Mihir Sharma
Mihir Sharma is a Bloomberg Opinion columnist. A senior fellow at the Observer Research Foundation in New Delhi, he is author of “Restart: The Last Chance for the Indian Economy.”

China’s dominance of world trade is crushing the developing world.
Photographer: Qilai Shen/Bloomberg
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Takeaways by Bloomberg AI​

The world has, for the most part, welcomed the trade truce between the US and China. Exporters, in particular, are hoping for a period of quiet that will allow them to adjust to a new world with higher tariffs and more restrictions.

Yet for workers and companies across the developing world, the possibility of a return to a status quo ante isn’t an entirely comforting notion, either. A new normal that preserves China’s dominance of global trade hurts them far more than it does the US or other Western nations.

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