• davel [he/him]@lemmygrad.ml
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    7 months ago

    I feel like I read something somewhere about the US having lost effective unilateral control of the WTO, so they’re choosing to sabotage it instead. Does that ring a bell for anyone? Does this paper get into motivations?

  • davel [he/him]@lemmygrad.ml
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    7 months ago

    It seems to be over the US’ ability to impose protectionist policies, which ironically is what the US created the WTO for in the first place. How the turn tables.

    Naked Capitalism/Yves Smith, July 2019: Michael Hudson: U.S. Economic Warfare and Likely Foreign Defenses

    In the World Trade Organization, the United States has tried to claim that any industry receiving public infrastructure or credit subsidy deserves tariff retaliation in order to force privatization. In response to WTO rulings that U.S. tariffs are illegally imposed, the United States “has blocked all new appointments to the seven-member appellate body in protest, leaving it in danger of collapse because it may not have enough judges to allow it to hear new cases.” In the U.S. view, only privatized trade financed by private rather than public banks is “fair” trade.