Washington
\nAll countries will lose in a global trade war, the head of the world\u2019s trade referee warned in a speech on Wednesday.<\/p>\n
Under attack from US President Donald Trump, the head of the World Trade Organisation, Roberto Azevedo, acknowledged that reforms are needed, but rejected criticism that trade is the main cause of job losses.<\/p>\n
Azevedo welcomed the commitment by the Group of 20 over the weekend in Buenos Aires to reform the WTO to better preside over the modern trading system, saying the \u201csystem can be better.\u201d<\/p>\n
But as the Trump administration has aggressively imposed punitive tariffs on trading partners, especially on China, with the goal of reducing the US trade deficit, Azevedo said that \u201cwe have to get away from the idea that trade is a zero-sum proposition.\u201d \u201cIt is not. Everyone can benefit,\u201d he said in a speech to the National Foreign Trade Council.<\/p>\n
He welcomed the US-China truce reached in Buenos Aires, and the commitment to reach a deal to defuse the conflict between the world\u2019s two biggest economies.<\/p>\n
The alternative of escalating the trade conflict would undermine the global economic recovery, he said.<\/p>\n
The \u201coutcome in all simulations is that trade and economic growth will slow down and that all countries, without exceptions, will lose out in a global trade war,\u201d Azevedo said.<\/p>\n
Azevedo acknowledged the growing anxiety in a changing economy, but stressed that most of the job losses are due to technological change, rather than trade.<\/p>\n
Trade is \u201can engine of growth, productivity, innovation, job creation,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Washington All countries will lose in a global trade war, the head of the world\u2019s trade referee warned in a speech on Wednesday. Under attack from US President Donald Trump, the head of the World Trade Organisation, Roberto Azevedo, acknowledged that reforms are needed, but rejected criticism that trade is the main cause of job […]<\/p>\n","protected":false},"author":1,"featured_media":49273,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[87],"tags":[],"class_list":["post-49272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/49272","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=49272"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/49272\/revisions"}],"predecessor-version":[{"id":49274,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/49272\/revisions\/49274"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/49273"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=49272"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=49272"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=49272"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}