In the wake of Trump’s global trade war, can the World Trade Organization reclaim its role as guardian of free trade?
Earlier this year, world leaders gathered in Geneva, Switzerland, to mark the 30th anniversary of the World Trade Organization (WTO), the international body established in 1995 to reduce global trade barriers and promote sustainable development. Director-General Ngozi Okonjo-Iweala spoke at the event, underscoring the WTO’s role as a foundation of predictability amid the current turmoil surrounding global trade.
“Uncertainty around global trade has reminded many members why they value the WTO as a bedrock of predictability in the global economy – and as a platform for dialogue and cooperation on trade,” she said.
The “uncertainty”, of course, was a reference to President Donald Trump’s “Liberation Day” tariffs of 10 percent on all US imports in addition to country-specific “reciprocal tariffs”.
The WTO has long been beset by critics – from US and European workers angry over lost jobs, to developing nations hamstrung by rules favouring the West. Now, Trump’s aggressive tariffs and attacks have brought these long-simmering dilemmas to a head, threatening the very foundations of the organisation.
