Australia has decided to take China to the independent umpire over tariffs it put on barley as more commodities are hit with official and unofficial trade sanctions. But what are the possible outcomes?
But now the WTO is all washed up. Like Rodney Dangerfield, it gets no respect. Its two biggest economies — China and the United States — are in a trade war, issuing tit-for-tat tariffs that violate its rules. No one fears the wrath of its Appellate Body anymore because that body has ceased to function.
The World Trade Organization has released a new report that offers recommendations to world governments on how to stimulate innovation in digital economies. Regrettably, the policy recommendations are heavy on big government intervention, and ignore a fundamental principal of free-market economics: that governments should first and foremost get out of the way of competitive entrepreneurial activity.
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