Ngozi Okonjo-Iweala, Director-General of the World Trade Organization (WTO), urged the United States’ global trading partners to listen to Washington’s concerns over tariffs and engage in dialogue rather than taking retaliatory measures, the WTO said on Friday. Okonjo-Iweala said trading partners should not panic over US President Donald Trump’s recent threats of tariffs against close trading partners.
Trump’s tariffs targeting Mexico, Canada and China have reignited trade wars and sent US stock markets tumbling this week. In addition, Trump delayed some of the tariffs on Canada and Mexico shortly after announcing them, causing confusion in the markets. Okonjo-Iweala said such threats and pullbacks should be considered “interruptions” and not a cause for panic. “I think we should listen to the United States, understand what their concerns are and say ‘how can we help them deal with their concerns,’“ Okonjo-Iweala said during a meeting with former German Chancellor Angela Merkel at WTO headquarters in Geneva. Commenting on the US position on tariffs, the WTO Director-General said, “Thirty years ago, when this system was put in place, the US capped its tariffs at a very low rate, maybe around 2.5%, to the benefit of its population and the outside world. And it benefited from that.” “Now the United States is saying that doesn’t work for me anymore,” Okonjo-Iweala said, highlighting the rationale behind Washington’s current trade policies.
https://apnews.com/article/angela-merkel-world-trade-organization-46e0637b72d83baad67818572f369326
