The Need for a Global Trade Makeover
It is not just the United States and other advanced economies that need more policy space. China and other countries should not be encumbered by global trade rules in deploying their own growth-promoting structural diversification policies.
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CAMBRIDGE – US President Donald Trump’s on-and-off trade war against China added ominous clouds of uncertainty to the world economy in 2019, raising the prospect of a significant global economic downturn. His erratic and bombastic style made a bad situation worse, but the US-China trade war is a symptom of a problem that runs much deeper than Trump’s atavistic trade policies.