All articles tagged with #trade system
China announced it will no longer seek special developing country status in WTO agreements to support global trade reform, a move aligned with US demands, though it remains classified as a developing nation and continues to provide aid to other countries. The decision aims to strengthen the global trading system amidst rising protectionism and tariff conflicts.
The global trading system, historically based on free trade principles and managed by institutions like the WTO, faces significant challenges due to US protectionist policies under Trump, China's rise, and geopolitical tensions, leading to potential shifts towards regional arrangements and coalitions that may reshape international trade dynamics.
President Donald Trump is preparing to implement industry-specific tariffs on various sectors including copper, pharmaceuticals, semiconductors, lumber, and critical minerals, starting around August 1, as part of a broader effort to reshape the US's trade relations and protect domestic industries. These tariffs, which could significantly impact global trade and prices, are part of a strategic move to leverage trade policies for economic and security objectives, amidst ongoing negotiations and international concerns.