Arancha Gonzalez, the Executive Director of the International Trade Centre, tells CNBC a tariff war between the EU and U.S. would particularly hurt small agricultural producers and manufacturing businesses.
Over the summer the European Commission proposed a new framework that would govern the way that governments subsidize the civilian aircraft sector. But earlier this month the outgoing European trade commissioner, Cecilia Malmstrom, said those new proposals had so far failed to elicit any meaningful response from Washington D.C.
"Uncertainty is slowing down the economy," she said, citing recent growth predictions from the IMF and expected figures from the OECD. "It is the cholesterol that is basically blocking the arteries of the international economy and it's affecting every country in the world." Gonzalez acknowledges that the global framework for commerce, and in particular the WTO, requires adaptation and adjustment. But the choice for that reform process, she explained, is between allowing the "strongest to dictate," or else permitting all countries to forge fresh multilateral trade rules in an "inclusive manner."
"Any responsible policymaker any responsible politician today knows that for his or her country to be strong, they need the world to be stronger."
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