WTO needed to avoid uncertain future

Global trade is under threat. Whether or not you call the current situation a trade war, certainly the first shots have been fired. This calls for our attention, and most importantly, our action.

World Trade Organization data show a marked escalation of trade restrictive-measures over the last six months. A number of import-facilitating measures were also recorded during the same period, but crucially the value of trade covered by these measures is falling, whereas the coverage of the restrictive measures is rising rapidly. Restrictive measures can include tariffs, quotas and stricter customs regulations.

The situation is extremely serious. Reciprocal trade restrictions cannot be the new normal. A continued escalation would risk a major economic impact, threatening jobs and growth in all countries, hitting the poorest the hardest.