WTO warns of crisis in global trade system
The international trade system is facing a crisis, the World Trade Organization's Deputy Director General Karl Brauner said at the Handelsblatt Automotive Summit in Germany on Tuesday.
Mr. Brauner said global prosperity will not continue if world powers unilaterally ignore international law: If everybody just does whatever they want, it's over.
The warnings comes at a time when officials from German auto giants Daimler, BMW, and Volkswagen have been summoned by the White House to discuss US efforts to rebalance global trade in a bid to avert potential tariffs on luxury vehicles imported into the US. Mr. Brauner said he hopes the meeting will help the US understand the effects of high tariffs on international trade.