Jayati Ghosh

Under threat of retaliation from the US, G7 leaders pre-negotiated the new terms in June, and Inclusive Framework members rubber-stamped them last month to avoid picking another fight with Mr Trump

Political leaders in the developed world must recognise that no one is safe until everyone is safe, and that a healthy global economy is not possible without a strong recovery everywhere

The negotiating process has, nonetheless, reached agreement that multinationals should be considered unitary businesses