China Urges WTO to Close Loopholes

November 23, 2018 Share Print 0

China on Friday urged the World Trade Organization (WTO) to close loopholes and correct practices by some member states that damage global trade, warning of a “profound crisis” facing the institution’s existence.

China and the United States have clashed about how the WTO should reform to better serve member interests, amid a widening trade dispute that has triggered billions in retaliatory tariffs and rocked global markets.

Members of the G20 are expected to discuss WTO reform when they meet at a summit in Argentina next week, following a failed attempt to reach agreement on the topic at an APEC forum held last week in Papua New Guinea.

Debate on reforming the WTO has been largely driven by U.S. complaints that it has failed to police suspected Chinese rule-breaking, with U.S. President Donald Trump threatening a withdrawal to protect American interests.

via Reuters

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.