LOADING

Type to search

Biden Faces Tough Challenges in Fixing World Trade System

Business China Economies Executive Branch Politics trade policy US WTO WTO Appellate Body

Biden Faces Tough Challenges in Fixing World Trade System

Share

WASHINGTON—Globalists await President Joe Biden’s reset on U.S. trade policy, but deep-seated problems and lack of consensus among allies will likely create a significant hurdle for the new administration in fixing the global trading system that has failed to contain non-market economies like China. Biden has promised to take a more multilateral approach in dealing with trade issues, and he is expected to radically change U.S. policies toward the World Trade Organization (WTO). The new administration signaled that it would engage with other members to revive the international body, which has been crippled by the Trump administration’s policies. However, WTO is a longstanding bipartisan issue, and its downward spiral started long before Trump’s presidency. The United States has accused the organization of overstepping its mandate in dispute settlement and creating unjustified rules. Under the Obama administration, Washington began to block selection of judges to the WTO’s Appellate Body, a seven-member independent court. …

Leave a Comment

Your email address will not be published. Required fields are marked *