FUNDAMENTALS OF INTERNATIONAL RELATIONS AND DIPLOMACY

The field of international relations is currently inundated by an imminent New Cold War between China acting alongside Russia and a few others on one side, and the U.S. on the other side. The traditional support of the key NATO countries to the U.S. is at the moment doubtful. Emerging stronger from its coronavirus diplomacy, China is leveraging its financial and diplomatic gains to build relationships with several countries in and outside the BRICS alliance as it seeks to play a more decisive "major country" role in international diplomacy. Inter alia, there are efforts to break the US dollar's role as the foremost medium of exchange in global trade. But despite the rhetoric, it is doubtful if China or Russia would want its national currency to face the shocks that the dollar faces as a global reserve currency. Coming together to facilitate trade with the currency of a country is fairly normal when a few countries are involved, but uprooting the US dollar as the world's reserve currency will certainly be at a cost, and neither China nor Russia may be willing to bear it. However, this is a wake-up call for the U.S. to reconsider its international diplomacy and henceforth avoid undue interferences in the affairs of other countries, and where there are disputes be fair to all sides.

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