Back in January, I predicted that the spread of the new COVID-19 coronavirus in China would reach a turning point by the second or third week of February.

A major test of the global governance system and the governance systems and capacities of individual countries is unfolding before our eyes as the coronavirus pandemic envelops the globe.

COVID-19’s impact on Chinese manufacturing has had ripple effects around the world, and the Philippines is no exception. The potential long-term damage that the pandemic can do to the Philippine economy may necessitate amendments to the Philippine portion of China’s Belt and Road Initiative.

China is keen to play a bigger role in Britain’s post-Brexit future, particularly in infrastructure and investment projects. However, China’s deeper involvement may face political and infrastructural challenges and a steep learning curve for Chinese businesses.

In an effort to get a handle on the economic and financial consequences of the COVID-19 pandemic, the first instinct is to search for precedents and remedies in earlier crises. Many have pointed to the 2008 global financial crisis (GFC) as the most relevant example, especially in the aftermath of the extraordinary monetary-policy actions announced by the US Federal Reserve on March 15. That would be an unfortunate mistake.

It’s time for the world to pull together toward the same goal. Only that will get us through the coronavirus epidemic. Failing to cooperate risks a slide into even deeper crises.

Dismantling supply chains that took years, or even decades, to build is an expensive and time-consuming proposition. Many factors must be taken into account, including product quality, price and the reliability of prospective new channels.

In the midst of the new coronavirus, the world has much to lose from slowed production, closed borders and factories, and less trade.

The U.S. has long reigned supreme in global finance, but a new challenger to its hegemony has emerged. China’s attempts to lessen its and the world’s dependency on the dollar and especially America’s willingness to abuse its stewardship of the global financial system have influenced a dangerous weaponization of financial networks that promises a rocky road ahead for both countries.

COVID-19 bodes ill not only for the global economy, but for Donald Trump’s re-election and U.S.-China relations at large.