Trade Archive

Almost a year-and-a-half after threatening to sanction Cambodia over Prime Minister Hun Sen’s clampdown on human rights, and a year after beginning the formal process for doing so, the European Union finally made good on its word. Underwhelmed by the Cambodian government’s meager attempts to allow political dissent and media freedoms, the bloc announced in February that it would suspend tariff-free access for more than $1 billion worth of exports from the Southeast Asian nation, starting in August. While the immediate impacts of the new barriers to trade will be limited, they could eventually result in an economic contraction of […]

Trade is way down on the list of priorities in a public health crisis, but it is still important to make sure that policies don’t actually make the situation worse. In the case of the coronavirus pandemic, a number of governments are, unfortunately, doing just that. Many countries, for example, are shortsightedly enacting export bans on critical medical supplies and worsening shortages in places that may have the greatest need, like Italy. In the United States, President Donald Trump’s trade policies seem to be on autopilot, with tariffs continuing more or less as before, even though those tariffs are complicating […]

There is no drug or vaccine against COVID-19, and it will be at least 12 to 18 months before those remedies could be available. Face masks are next to impossible to find for most consumers, even as public health officials caution that they are not terribly effective against this coronavirus. There is a shortage of ventilators, and President Donald Trump has told America’s governors that they should not rely on the federal government to provide them—even though they are the most effective tool for treating hospitalized COVID-19 patients. In addition to the political, economic and social impacts of the coronavirus […]

The coronavirus pandemic is, first and foremost, a global health emergency. But it is also having major economic effects—sinking stock markets and threatening to send the global economy into recession. The economic shocks outside China, where the outbreak originated, were relatively modest at first, as the authorities there—after initially trying to suppress any news of an epidemic—finally imposed strict containment measures that shut down major parts of the economy and disrupted supply chains globally. But those shocks grew rapidly as the virus spread around the world and countries took drastic steps to try and contain it. In the midst of […]

With the global economy already teetering as the result of the coronavirus outbreak that is now officially a pandemic, Saudi Arabia’s young and powerful crown prince, Mohammed bin Salman, has risked pushing the world into recession by firing a shot directly into the oil markets. It was a trademark move by the prince, known as MBS, who has shown he can be brazen and ruthless—and occasionally self-destructive—when he’s determined to get his way. On Sunday night, MBS announced that Saudi Arabia would sharply increase its oil output despite a steep decline in global demand. It was precisely the opposite of […]

From the moment he took office as Argentina’s president last December, Alberto Fernandez has been constrained by two realities. The first is the country’s grave economic crisis, which he inherited from his pro-business predecessor, Mauricio Macri. Argentina’s GDP is projected to contract for the third year in a row in 2020, while inflation is expected to top 40 percent, all while the government tries to restructure its staggering foreign debt. The second constraining reality is Vice President Cristina Fernandez de Kirchner, who was initially expected to run for president last year but instead picked Fernandez—who is not related—for the top […]

U.S. President Donald Trump’s first official visit to India last week was meant to highlight the strength of the U.S.-India partnership and the high priority that Trump and Indian Prime Minister Narendra Modi place on the relationship. Trump ingratiated himself with his hosts by refusing to publicly criticize the controversial citizenship law that has unleashed mass protests across India. As deadly communal riots raged in Delhi, Trump and Modi stayed on script, enthusiastically declaring that the state of the U.S.-India relationship is strong. Lending credence to that message, the two leaders signed important deals on defense, energy and counterterrorism during […]

Toward the end of his second term in office, former U.S. President Barack Obama said in an interview with The Atlantic that “we have more to fear from a weakened, threatened China than a successful, rising China.” It would be hyperbole to claim that the impact of the COVID-19 outbreak will create the weakened, threatened China that Obama warned about. But it could give us a glimpse. The draconian measures China took to contain the spread of the novel coronavirus that emerged from Wuhan, the capital of central Hubei province, seem to have prevented a worst-case scenario for now. But […]

Editor’s Note: Every Wednesday, WPR Newsletter and Engagement Editor Benjamin Wilhelm curates the week’s top news and expert analysis on China. In a setback for Beijing’s efforts to raise its profile at the United Nations and other multilateral organizations, a Chinese candidate failed to win a leadership contest for the U.N.’s intellectual property agency on Wednesday. Wang Binyang’s bid to head the World Intellectual Property Organization, or WIPO, had been opposed by the United States due to concerns about China’s respect for intellectual property rights. Fifty-five out of 83 countries on WIPO’s steering committee voted in favor of Daren Tang, […]

The status of developing countries under international trade rules has long been a divisive issue. The World Trade Organization does not explicitly define what “developing” means, leaving members to determine for themselves where they fall. Even countries that have become relatively rich or are major export powers have been loath to give up the preferential access to foreign markets—or “special and differential treatment”—that developing country status entails. After decades of negotiation, the practical impact of special and differential treatment is less than it once was. But it is nevertheless a major irritant for developed country members of the WTO. And […]