Prof Explains Why US Turning Its Back on WTO Amid Sino-American Trade Row | WHAT REALLY HAPPENED


Prof Explains Why US Turning Its Back on WTO Amid Sino-American Trade Row

The World Trade Organisation (WTO) has become obsolete and cannot address modern challenges, professor of finance Michael Pettis told Sputnik, commenting on a row surrounding the Trump administration's snubbing of the organisation. According to the professor, the WTO and other international institutions need to change.

The EU and China lambasted the US on December 19 for undermining the World Trade Organisation (WTO) by refusing to allow new appointments to the Appellate Body, the organisation's court, amid the US-China trade frictions.

"It is… unfortunate that we are seeing, since the last trade policy review, especially during the past year, a different America with severely mismatched power and responsibility", China's Ambassador to the WTO Zhang Xiangchen said, as quoted by Xinhua.

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