WTO chief warns on trade war
ALL countries will lose in a global trade war, the head of the world’s trade referee warned.
Under attack from US President Donald Trump, the head of the World Trade Organization, Roberto Azevedo, acknowledged reforms were needed, but rejected criticism that trade was the main cause of job losses.
The Trump administration has aggressively imposed punitive tariffs on trading partners, especially on China, with the goal of reducing the US trade deficit, Azevedo said that “we have to get away from the idea that trade is a zero-sum proposition.”
“It is not. Everyone can benefit,” he said. He welcomed the US-China truce reached in Buenos Aires, and the commitment to reach a deal to defuse the conflict between the world’s two biggest economies.