Biden's Multilateralism Will Continue, But Faces Uncertainty Beyond 2022 Mid-Terms

• US President Joe Biden’s efforts to promote multilateralism on the world stage will continue, at least until the November 2022 US mid-term elections. 
• Biden’s actions as president thus far suggest that he is positioning the US to bolster the ‘liberal international order’ through increased multilateralism on issues such as trade, security, and tackling the COVID-19 pandemic and climate change. 
• Biden is also seeking a renewed nuclear deal with Iran. Biden’s amicable face-to-face meetings with the leaders of the G7 nations, NATO, and EU in mid-June signaled his desire to pursue a multilateral approach. 
• However, the forces of de-globalization have been strengthened by the COVID-19 pandemic and the US-China rivalry, which threaten to bifurcate parts of the global economy. 
• US allies that have welcomed a return to multilateralism will still need to be mindful that the assertive unilateralism of the Trump era could return after the 2024 US presidential elections.

(Source: Fitch Solutions)