WTO chief, world leaders call for calm amid trade and climate tensions at Davos
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Countries need to be calm and not react to every executive order that appears to be an act of protectionism, as tit-for-tat reactions could wipe out double-digit growth rates of economies, they said.
“Chill is my word,” said WTO Director General Ngozi Okonjo-Iweala at the WEF discussion on climate and trade. “Let’s not get overly excited at every announcement, at every pronouncement. Let’s see what policy is actually put in place and not overreact. Certainly, from the WTO viewpoint, we are saying to our members, also not have knee-jerk reactions.”
The return of Donald Trump as President is threatening to upend global trade that evolved meticulously post-World War II, with the World Trade Organisation being the arbiter. He has slapped tariffs on some countries and is poised to weaponize it as he works to deliver on his promise of Making America Great Again. But that could hurt trading partners.
“Everybody thought when this happens all hell will break,” said Iweala. “We should study, launch a study of the agreement, investigate this agreement and this approach is well within what we encourage our members at the WTO to do.”
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