WTO expects global trade to sink by at least 13% this year; oil demand are down 50% year-on-year; economists expect 25% decline in U.S. GDP in Q2.
“China has continued to embrace a state-led, mercantilist approach to the economy and trade, despite WTO members’ expectations,” the Office of the U.S. Trade Representative said in its annual report to Congress.
Airbus warned that tariff increase on European aircraft would result in “more instability for U.S. airlines that are already suffering from a shortage of aircraft.”
Shuttering the World Trade Organization’s Appellate Body threatens the ability of countries to settle trade disputes, the U.S. Chamber of Commerce warns.
Major trade partners of the EU have complained to the World Trade Organization about the problems with splitting tariff rate quotas between the U.K. and the EU post-Brexit.
Results mainly driven by higher deliveries, a favorable mix and foreign exchange rate development
WTO green-lights $7.5 billion of tariffs
In a wide-ranging speech, the deputy director-general of the WTO, Alan Wolff, sets out the challenges and issues for the body. But he’s generally optimistic on the future of world trade.
Most industry representatives testified against tariffs proposed against the EU in retaliation for subsidies provided to Airbus.
Global trade body recognizes that old rules don’t apply.
The World Trade Organization (WTO) has downgraded its outlook for global trade this year and next, citing tighter credit market conditions and escalating trade tensions as the main drivers.
