"Trump’s tariff threat to Mexico may upend trade deal, undermine the economy"
To link - ‘Most People Don’t Know What a Tariff Is’
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The response to that crisis has always been, we need a new round, we need new negotiations, we need a deeper set of commitments to the global system, and that’s the one thing that we haven’t seen right now. There’s no turn from all this crisis to say, alright, now that we know the United States and China are not able to resolve their differences bilaterally and they’re creating all sorts of problems for the rest of the world, we should reinvigorate the global trading system. We should create a new set of multilateral institutions that will resolve this problem. We’re not seeing that push. That is new. The degree of challenge on the part of the United States is new. The system has faced a lot of pushback before, but usually the United States was a very stalwart friend of the international trading system because we wrote it and it benefits the United States disproportionately.
FP: Well, there’s a lot of irony, as you said, in the United States being the big threat to the trading system. But what’s the biggest threat—the abuse of unilateral tariffs on bogus grounds, undermining the dispute settlement system at the World Trade Organization (WTO), or what?
RG:The U.S. insistence on bilateral trade deals I think is the main political problem. The fact that the United States decided to withdraw from these continued negotiations with the multilateral system, that it withdrew from the Trans-Pacific Partnership, and moved to country-by-country negotiations I think is the main challenge that the global trading system faces. The United States can coerce individual states to get more attractive deals—it did that with South Korea, for example—it can be done. But the idea that this isn’t going to be extended to some sort of multilateral reduction of barriers is a challenge to the global trading system.
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