Page 25 - The South China Business Journal
P. 25
August-September 2017
7) he warned in a radio broadcast that if “we don’t Labeling his trip to the G20 summit a “great suc-
get” a full NAFTA renegotiation “we will termi- cess,” he tweeted that he told his counterparts
nate, that is end, NAFTA forever.” the U.S. is committed to improving existing trade
deals. He said the U.S. “must fix the many bad
In the same address, Trump said his administra- trade deals it has made. Will get done.”
tion has “sent a clear message to the world that
we will not allow” others “to take advantage of us
any longer.” And a day after returning to the U.S.,
Trump reinforced that message.
A more aggressive EU
Pointed and acceler- “Barriers on steel imports would be very bad for is the only place that is defending the vision of
ating comments from the EU, as European businesses and workers fair and free trade and multilateralism to fight
European leaders could be affected very heavily and jobs would against protectionism,” said French President
about prospects for be threatened,” EU Trade Commissioner Cecilia Emmanuel Macron ahead of last week’s sum-
future trade dealings Malmström was quoted as saying in an email on mit. And European Council President Donald
with the U.S. potential U.S. unilateral action on steel. “As we Tusk said “we are determined to strengthen and
haven’t seen the proposal yet, we will first have to continue a rules-based international order,”
check whether the measure is in compliance with pledging to speak “with one united voice” during
WTO rules. If global trade rules are not upheld, the summit. (A day before the summit, the EU
the EU will retaliate, but I cannot say now exactly came to a major trade agreement with Japan.)
how and when. We understand that the U.S. has
concerns about overcapacity in China but we And at the end of the meeting, Merkel – the
don’t think this is the right way to go, as you can- summit host – said of negotiating with the
not fight protectionism with protectionism.” U.S.: “I don’t want to beat around the bushes
– it’s still difficult to discuss trade questions;
Others in Europe spoke about the need for a every word is weighed there.”
united trade voice. “I believe that today Europe
Picture from www.bing.com
And, then, the WTO A tepid official
endorsement of the
While EU members were lauding the perceived system.” The final statement fell short of that, but it WTO, to the disap-
benefits of multilateralism, the G20 message on the does commit to making the December ministerial pointment of some,
WTO’s centrality to the process got mixed reviews. a “success” and pledges “to cooperate to ensure which stops short of
The final communiqué said “we value the monitor- the effective and timely enforcement of trade
ing activities” of the WTO among other groups and rules and commitments.” previous G20
called on the WTO (and other groups) “to continue references to the
their work to better understand trade impacts.” One WTO Director-General Roberto Azevêdo, for
source lamented the language, considering it “weak- his part, said at the summit that “successes,” WTO as the
er” than previous G-20 statements because it referred such as the Trade Facilitation Agreement, multilateral trading
to the boundaries of “existing mandates.” “show that the system is working, but it is not per-
fect. We need to keep updating it.” And Merkel, at system.
Some in the G20 reportedly had pushed for lan- the end of the conference, said Azevêdo was “pretty
guage saying the WTO is “the multilateral trading satisfied with the result.”
23
7) he warned in a radio broadcast that if “we don’t Labeling his trip to the G20 summit a “great suc-
get” a full NAFTA renegotiation “we will termi- cess,” he tweeted that he told his counterparts
nate, that is end, NAFTA forever.” the U.S. is committed to improving existing trade
deals. He said the U.S. “must fix the many bad
In the same address, Trump said his administra- trade deals it has made. Will get done.”
tion has “sent a clear message to the world that
we will not allow” others “to take advantage of us
any longer.” And a day after returning to the U.S.,
Trump reinforced that message.
A more aggressive EU
Pointed and acceler- “Barriers on steel imports would be very bad for is the only place that is defending the vision of
ating comments from the EU, as European businesses and workers fair and free trade and multilateralism to fight
European leaders could be affected very heavily and jobs would against protectionism,” said French President
about prospects for be threatened,” EU Trade Commissioner Cecilia Emmanuel Macron ahead of last week’s sum-
future trade dealings Malmström was quoted as saying in an email on mit. And European Council President Donald
with the U.S. potential U.S. unilateral action on steel. “As we Tusk said “we are determined to strengthen and
haven’t seen the proposal yet, we will first have to continue a rules-based international order,”
check whether the measure is in compliance with pledging to speak “with one united voice” during
WTO rules. If global trade rules are not upheld, the summit. (A day before the summit, the EU
the EU will retaliate, but I cannot say now exactly came to a major trade agreement with Japan.)
how and when. We understand that the U.S. has
concerns about overcapacity in China but we And at the end of the meeting, Merkel – the
don’t think this is the right way to go, as you can- summit host – said of negotiating with the
not fight protectionism with protectionism.” U.S.: “I don’t want to beat around the bushes
– it’s still difficult to discuss trade questions;
Others in Europe spoke about the need for a every word is weighed there.”
united trade voice. “I believe that today Europe
Picture from www.bing.com
And, then, the WTO A tepid official
endorsement of the
While EU members were lauding the perceived system.” The final statement fell short of that, but it WTO, to the disap-
benefits of multilateralism, the G20 message on the does commit to making the December ministerial pointment of some,
WTO’s centrality to the process got mixed reviews. a “success” and pledges “to cooperate to ensure which stops short of
The final communiqué said “we value the monitor- the effective and timely enforcement of trade
ing activities” of the WTO among other groups and rules and commitments.” previous G20
called on the WTO (and other groups) “to continue references to the
their work to better understand trade impacts.” One WTO Director-General Roberto Azevêdo, for
source lamented the language, considering it “weak- his part, said at the summit that “successes,” WTO as the
er” than previous G-20 statements because it referred such as the Trade Facilitation Agreement, multilateral trading
to the boundaries of “existing mandates.” “show that the system is working, but it is not per-
fect. We need to keep updating it.” And Merkel, at system.
Some in the G20 reportedly had pushed for lan- the end of the conference, said Azevêdo was “pretty
guage saying the WTO is “the multilateral trading satisfied with the result.”
23
