In complaining about China’s alleged special treatment by the World Trade Organization, US President Donald Trump and Australia’s Scott Morrison are pointing to something that isn’t really there.
South Africa’s economic reforms of the 1990s were overdone, destroying some industries and thus impacting economic growth and job creation. A re-balancing of industrial policy is called for.
Stephen J. Silvia, American University School of International Service
A quarter-century ago, more than 100 nations agreed to engage in freer trade with one another and signed the declaration that established the World Trade Organization.
Hongzhi Gao, Te Herenga Waka — Victoria University of Wellington; Ivy Guo, Te Herenga Waka — Victoria University of Wellington et Tarek Soliman, Manaaki Whenua - Landcare Research
As the trade spat between China and the US continues, it is likely to spill over to other countries. For Australia and New Zealand, this could bring both risks and opportunities.
The president again threatened to drop out of the World Trade Organization if it doesn’t ‘shape up.’ But a careful review of case filings show the US isn’t treated any differently than its other members.
The United States is blocking new judges to the body that interprets and enforces global trade rules. Australia should start preparing for the end of the World Trade Organisation system.
The president, who called the European Union a ‘foe’ following a series of meetings in Europe, may not realize just how much Americans have gained from their relationship with Europe.
International trade policy requires three traits to be successful and lead to mutual prosperity. Trump’s is missing all three, as he showed at the G-7 summit.
The Trump administration recently imposed tariffs of up to 25 percent on foreign steel and aluminum – including from the EU, Canada and Mexico, the three biggest markets for American goods.
Bill Shorten has proposed tripling penalties for dumping cheap overseas products like steel into the Australian market. But this proposal suggests a failure to understand dumping and its regulation.
The $60 billion in tariffs targeting China not only risks sparking a trade war, they represent a rejection of the WTO’s much more effective way of dealing with unfair trade practices.
Even though Australia sides with the US on more areas of policy, it should be careful about being dragged into the back-and-forth of sanctions between the US and China.