Investor–state dispute settlements don’t just mean growing debt burdens for countries: they are also a barrier to action on the climate crisis

Donald Trump has thrown a hand grenade into the global economic architecture, destroying some things that are working well. But amid the devastation, some things seem to be surviving that really should be taken down. Among the most notable of these is an arcane set of international agreements by which private investors can sue governments, known as ISDS: investor-state dispute settlement. These disputes are litigated not in public courts with impartial judges but in private arbitration – behind closed doors, and rife with conflicts of interest.

Early on, when they were snuck into many trade agreements, no one paid much attention. For instance, these provisions in Nafta, the so-called free trade agreement between the US, Mexico, and Canada, never got a discussion within the cabinet while I served in the Council of Economic Advisers under President Clinton when Nafta got adopted.

If European leaders want to truly support Ukraine they must seize the moment by seizing $220bn in assets

It is now clear that Donald Trump’s administration will betray Ukraine in its fight to resist Russian aggression. Trump himself is either a victim of disinformation or he is a willing participant in an effort to deceive Americans about the causes and consequences of the war.

Trump’s lies include claiming that Ukraine is equally to blame for the war; that Volodymyr Zelenskyy doesn’t “have the cards” to end the conflict on favourable terms; and that Ukraine could not have defended itself without US help. Yet the whole world knows that Russia launched an unprovoked invasion, and we all remember the initial weeks, when Ukrainians valiantly defended an 1,800-mile frontline against a supposedly superior army, long before deliveries of western artillery, armoured vehicles and air defence systems arrived.