Former US Treasury Secretary Larry Summers has warned that America is losing global influence as other powers form trading blocs Globalization and the American-led financial order are giving way to a more fragmented world economy in which other powers are aligning in trading blocs that diminish Washington’s global influence, former US Treasury Secretary Larry Summers has claimed. “There’s a growing acceptance of fragmentation, and – maybe even more troubling – I think there’s a growing sense that ours may not be the best fragment to be associated with,” Summers said on Friday in a Bloomberg News interview. He made
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