Global economy is weighed down by war, uncertainty and instability, trade chief warns
The head of the World Trade Organization says war, uncertainty and instability are weighing down the global economy
ABU DHABI, United Arab Emirates — The head of the World Trade Organization warned on Monday that war, uncertainty and instability are weighing down the global economy and urged the bloc to embrace reform as elections across nearly half the world's population could bring new challenges.
WTO Director-General Ngozi Okonjo-Iweala sought to offer some praise for her organization as it held its binneial meeting in the United Arab Emirates, even as it faces pressure from the United States and other nations.
But she was blunt about the risks ahead, as higher prices for food, energy and other essentials sting people's pockets, “fueling political frustration.”
“People everywhere are feeling anxious about the future and this will be felt at the ballot box this year,” she said.
None are perhaps more critical for the WTO than the U.S. presidential election on Nov. 5.
Running again is former President Donald Trump, who threatened to withdraw the U.S. from the WTO and repeatedly levied tariffs — taxes on imported goods — on perceived friends and foes alike. A Trump win could again roil global trade.
Okonjo-Iweala did not mention Trump by name, but offered a warning about attacks against multilaterism.
“The multilateral trading system, which I term a global public good since it was created 75 years ago, continues to be misconstrued some quarters and undermined,” she said.
But even if President Joe Biden is re-elected, the United States has deep reservations over the WTO. The U.S. under the past three administrations has blocked appointments to its appeals court, and it’s no longer operating. Washington says the WTO
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