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Economic Affairs
America v WTO: The high costs of trashing trade rules
By not complying with the World Trade Organisation’s ruling on its metal tariffs, the US risks unravelling a rules-based global system to the detriment of all
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A World Trade Organisation panel found that the steel and aluminium tariffs imposed by the US on some of its trading partners were discriminatory.
PHOTO: AFP
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In football, when the referee rules that a player has committed a foul and the player refuses to accept the decision, he gets a red card and is sent off.
But in world trade, it seems that when the global adjudicator calls out a country for having broken the rules of fair play and the country rejects the verdict, it can get away with no penalty and the game can go on as before.
