Small Countries to Suffer in Wild West World Economy
The World Trade Organization is charged with preventing small trade disputes from erupting into full-scale economic warfare. In what may seem a minor administrative inconvenience, it has been dealt a near-fatal blow. The US government has blocked the WTO from hiring more members – judges who rule on trade complaints – effectively paralyzing the WTO’s trade dispute mechanism. The losers will be at the mercy of the world’s largest economies.
By hobbling yet another international referee, the US has removed a layer of protection from smaller and poorer countries, exposing them to the vagaries of bilateral trade deals, where large economies are better placed to dictate terms.
It’s the latest in a series of moves made by President Donald Trump to intimidate trade partners and weaken international norms.
In this report for RFI, I head to Geneva to speak to experts who describe the damage done and how other countries are scrambling for cover.
Here’s the 5:35 report: