As Trump heads to G-20 meetings in Japan next week, companies and foreign governments are bracing for a world in which the foundation of global trading rules is upended
As President Donald Trump heads to G-20 meetings in Japan next week, companies and foreign governments are bracing for a world in which the foundation of global trading rules is upended.
Canada, America’s No. 2 trading partner, is already looking to other markets. While the Canadian government and businesses are pushing for ratification of the U.S.-Canada-Mexico-Agreement, they are simultaneously making a concerted effort to reduce their heavy reliance on the U.S. — including entering into trade agreements with other countries and providing government funds to promote trade in new markets.“We've recognized that there is a shift here,” Hyder said.
“This could well bring the entire dispute settlement system to a grinding halt,” said Bacchus, director of the Center for Global Economic and Environmental opportunity at the University of Central Florida. If the strategy of Robert Lighthizer, the U.S. Trade Representative, is to use tariffs to pressure China to make structural changes to its economy and to protect America primacy in technology, it’s still uncertain whether tariffs will create the necessary leverage.Sign Up
“What I'm trying to tell people is that there is really no need to panic because the damage is actually limited,” said Lau, author of “The China-U.S. Trade War and Future Economic Relations.”
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