During such times, countries should have worked together to overcome difficulties; nevertheless, a small number of developed countries have kept making troubles, pursuing the so-called unilateralism, and placing their own interests above everything else, which has actually damaged the interests of their peoples. For example, retaining high tariffs on Chinese goods can push inflation up even faster.
Fifth, given the spillover effects arising from floodgates opened by the US and Europe, emerging market economies and developing countries are forced to take countermeasures, albeit painful. The central banks of Russia, Turkey and Brazil have started to raise interest rates, and some developed economies have also signaled that they would implement contractionary policy.