World Order Faces Major Threats

Look I am not a pessimist-more a pragmatist, but could this be?


With the winds of a potential China-U.S. trade war gaining strength, a global trading order that Canada helped create faces its greatest threat since 1945. Global trading order is now facing its most challenging moment since Canada helped establish it after the war, a development that laid the foundation for the peace and prosperity that much of the Western world currently enjoys.


The U.S. now wants an agreement in principle on the North American Free Trade Agreement in the coming weeks, as it swaps escalating punitive tariff measures with China. Canadians watched record gains in the market evaporate.


“NAFTA is the biggest, most immediate, most constant challenge. It’s part of this bigger issue because the rules-based international order is also about rules-based international trade.” The broad international implications of the U.S.-China dispute are deeply disturbing. “Global supply and value chains are going to be disrupted, the norms and rules of the global trading system eroded further and a whole new level of uncertainty built into the global economic system.”


“I believe, first and foremost, in free trade, in the rules-based institutions and norms that govern it and in protecting the integrity and reputation of our market in the process-but it must be a win win for all parties.” Obstacles remain, including resistance to the American proposal to raise the duty-free limit on Canadians visiting the U.S. for 24 hours. “The lineup of cars driving back into Canada every weekend that has to stop and declare any purchase when travelling just for the day — think of the carbon footprint of those traffic jams spread across our border.”


And finally, “now, a lot of Canadians might not agree on what the U.S. suggests — $800 a day — but come on — $200?”


Article credit: Canadian Press

Photo credit: ThoughtCo

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