Economics, Econometrics and Finance
4 years ago

Trade Wars Loom as Protectionism Threatens Global Trade Cooperation

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Trade Liberalization and Institutional Constraints on Moves to Protectionism: Multilateralism vs. Regionalism
Ian M. Sheldon, Daniel C. K. Chow, William McGuire

Paper Summary

Trade liberalization through organizations like the GATT/WTO has helped reduce tariffs and boost global trade. However, with the rise of regional trade agreements, the effectiveness of the GATT/WTO is being questioned. The legal framework and dispute resolution mechanisms of the GATT/WTO are still important, but they may struggle to prevent countries from turning to protectionism. This could lead to trade conflicts and harm international cooperation.

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