While US President Trump tries to cut off the United States from globalization and Britain turns away from the EU, global trade carries on and is movely more nicely than expected. The IMF and WTO are set to increase their growth forecasts.
China has launched an anti-dumping probe into stainless steel products from the EU, Japan, South Korea and Indonesia at a time of growing fears worldwide about escalating trade tensions and their potential fallout.
The World Trade Organization has pointed to a stark increase in trade restrictions initiated by G20 nations. It warned that protectionism was unsuitable to support the recovery of a post-crisis global economy.
Chinese media noted the 'coincidence' between what they called de facto German protectionism and EU-US moves this week to avert a trade war. Meanwhile, some in Germany want a tougher trade stance on China.
Since helping shape the General Agreement on Trade and Tariffs (GATT) in 1948, the World Trade Organization's forerunner, the US has been at the forefront of trade liberalization. That era appears to be ending.
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