U.S.-UK Deal Anathema to Multilateral Trading System

U.S.-UK Deal Anathema to Multilateral Trading System

The deal will spell the end of WTO’s system of setting tariffs by consensus, which has been in operation since the inception of the world body in 1995. It will usher in a new era in which Washington alone will set tariff rates.

Asian giant calls on the WTO to preserve unaffected trade flows, while the US criticizes "failures" of the current system China made an urgent call for moderation during the World Trade Organisation (WTO) meeting, urging members to protect trade flows not affected by tariff conflicts. The Chinese delegation emphasized that, despite strong measures taken against US "unilateralism", it will continue to defend multilateral rules.