28 February 2025
Reciprocity in Trade?
Trump’s plans to impose "reciprocal" tariffs, announced in a Memorandum of 13 February, fundamentally contradict the existing rules of the world trade order, in particular the USA's tariff obligations and the principle of providing the same benefits to all imports and exports – known as the most-favoured nation (MFN) treatment. The absence of a bolder protest against this flagrant disregard of the law might be due to a shared understanding that the existing rules-based international economic order is in a deplorable state. The crucial question, therefore, is whether we should quietly accept its final abolition by someone with the power to do so, or rather set about repairing it. Now, tariffs may be a very mundane matter. But what is at stake here is the more general and fundamental question of international law today: how do we deal with rules that were created in better times and are now in danger of disintegrating? Continue reading >>
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04 February 2025