‘Urgent need’ to reform WTO, say G20 ministers

Bloomberg

Trade ministers for the world’s 20 largest economies said that they found an ‘urgent need’ to reform the World Trade Organization (WTO).
Member nations recognize the need to ‘step up dialogue’ to mitigate risks, enhance confidence in global trade, and improve the WTO, they said in a statement released following meetings in Mar del Plata, Argentina. The meetings included European Union Commissioner for Trade Cecilia Malmstrom and deputy trade representatives from China and the US.
The WTO has come under fire from President Donald Trump, who threatened to pull out of the organization if it doesn’t treat the US better. A US withdrawal from the WTO potentially would be far more significant for the global economy than even Trump’s growing trade war with China, undermining the post-World War II system that the US helped build.
“It’s clear that we share that it’s of utmost importance to find proposals for the WTO to be more responsive to the current challenges to trade,” Argentina’s Foreign Minister Jorge Faurie told reporters after the statement was released. “We validated the existence of the organization, which is the most important element.”
Representatives from the G-20 nations will meet in November to discuss WTO reform at a technical level, said Spain’s Minister of Industry and Trade Reyes Maroto.

Trump wants $200bn in China tariffs
Bloomberg

President Donald Trump instructed aides to proceed with tariffs on about $200 billion more in Chinese products despite his Treasury secretary’s attempt to restart talks with Beijing to resolve the trade war.
Trump may be running low on products he can target without backlash from US firms and consumers. The threat of fresh tariffs roiled financial markets. US stocks erased gains, while the dollar strengthened versus Chinese offshore yuan by the most in two weeks.