A political agreement between world leaders will be able to end the global trade war, as if this situation continues it will eventually damage the global economy, the head of the World Trade Organization noted earlier this week.
WTO Director General, Roberto Azevedo believes that world leaders must listen to each other in order to come up with a solution, instead of resorting to retaliation actions, Reuters reported.
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Despite this call however, US President Donald Trump threw accusations against China, that it targets American farmers in order to get concessions on trade.
In addition, Mr. Trump cancelled new appointments to the WTO’s supreme court and said that the tariffs on steel and aluminum were set due to national security reasons.
Nevertheless, and despite the fact that there is a polarization between those wanting to compromise and those who don’t, Mr. Azevedo says that the WTO system can survive, because otherwise there would be a worst case scenario with no rules.
Roberto Azevedo is now talking to various leaders in order to find solutions. As of now he has not been able to speak with Donald Trump, but he says that his communication with the US is very good.
