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Commercial Member
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Joined Jan 2015
|2212 Comments
This will initiate 2 very negative developments. First, it will render redundant the WTO for a while and the good work which it does across a wide range of issues related to world trade will not get done well. Secondly, a range of counter measures will be inflicted on the USA by China and other countries which have suffered from US protectionism in the past and is ongoing. It will be like a brawl in an Irish pub.
Of course there are many other potential developments as well which would be fun to watch if they were not so serious to economic and social development in all countries. International agencies built up patiently over several decades (not perfect certainly) will be jeopardised overnight. Putin will feel really happy this week and for the rest of the year as the solidarity of sanctions and other measures against Russia dissipate or disappear.