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UN Trade and Development’s 195 member states gathered Monday in Geneva for the 16th conference on Trade and Development, where leaders discussed the implementation of current World Trade Organization (WTO) rules under tariffs imposed on United States trade partners.
US tariffs threaten to put significant pressure on global trade and developing nations’ economies. Rebeca Grynspan, Secretary-General of the United Nations Trade and Development explained how the tariffs place many nations in a bind:
In addition to economic uncertainty posed by tariffs, developing nations face mounting debt. President of the General Assembly Annalena Baerbock stated that debt in these countries reached $31 billion in 2024.
“When trade at the global economy is seen to only benefit a few, it erodes trust in the multinational system…half of humanity has seen no rise in income for a generation,” said Baerbock.
Ngozi Okonjo-Iweala, Director-General of the WTO, stated that post-war institutions like the UN and the WTO need to adapt to contemporary circumstances. “Preserve what works, reform what no longer does, and reposition for a digital and green future.”
Within the first few months of his second term, US President Donald Trump imposed tariffs on multiple nations and international bodies, including China, the European Union, Indonesia, Mexico, Canada, and others. In September, the US Supreme Court reviewed the legality of the tariffs, with oral arguments expected in November.
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US tariffs threaten to put significant pressure on global trade and developing nations’ economies. Rebeca Grynspan, Secretary-General of the United Nations Trade and Development explained how the tariffs place many nations in a bind:
Grynspan explained how “72 percent of global trade is still under WTO rules” and how WTO promotes a rules-based system for international trade across 164 global economies. It governs goods, services, intellectual property, standards, investments and other trade issues. Related to the US tariffs, Article III of the WTO prohibits discrimination against “local suppliers” of goods and services based on foreign ownership.
In addition to economic uncertainty posed by tariffs, developing nations face mounting debt. President of the General Assembly Annalena Baerbock stated that debt in these countries reached $31 billion in 2024.
“When trade at the global economy is seen to only benefit a few, it erodes trust in the multinational system…half of humanity has seen no rise in income for a generation,” said Baerbock.
Ngozi Okonjo-Iweala, Director-General of the WTO, stated that post-war institutions like the UN and the WTO need to adapt to contemporary circumstances. “Preserve what works, reform what no longer does, and reposition for a digital and green future.”
Within the first few months of his second term, US President Donald Trump imposed tariffs on multiple nations and international bodies, including China, the European Union, Indonesia, Mexico, Canada, and others. In September, the US Supreme Court reviewed the legality of the tariffs, with oral arguments expected in November.
The post UN trade conference addresses US tariffs impact on developing countries, global trade appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.