Credit:  UN Photo/Jean-Marc Ferré /  UN Secretary-General addressing a Special Session of the WTO’s General Council, at the headquarters of the World Trade Organization, WTO, in Geneva, Switzerland, 10 May 2019

DIPLOMATIC  TIMES  STAFF

President Donald Trump  imposed new tariffs on China Friday in his continued economic war on Beijing, raising tariffs to 25% on $200 billion in goods from China and threatening more. 

“Tariffs will make our Country MUCH STRONGER, not weaker,” the president predicted in a tweet. “Just sit back and watch!”

United Nations Secretary-General Antonio Guterres, speaking at a Special Session of the World Trade Organization’s General Council at the WTO headquarter’s in Geneva on Friday addressed the threats economic tariffs have on multilateral cooperation.  Guterres noted that since the end of the Second World War, nations have relied on a system of multilateral institutions and agreements to promote peace and equitable social and economic progress.

“But, today, the spirit of multilateralism is facing growing pressure. Globalization has made countries, businesses and people more interdependent than ever before.  And this has created vast opportunities for growth and development. It is therefore essential that tensions continue to be resolved through multilateral dialogue and cooperation. We need to work to restore the spirit of international cooperation and buttress this unique institution -WTO – that has safeguarded international trading relationships over the past 70 years.”

-UN   Secretary-General Antonio Guterres.

Credit: UN Photo/Jean-Marc Ferré /   UN Secretary General with  WTO Director-General Roberto Azevêdo (right)  and General Council Chair Sunanta Kangvalkulkij at  WTO  in Geneva, Switzerland, 10 May 2019.

Anti-globalization sentiments among those who feel left behind  spreading rapidly.

The UN Secretary General admitted that not all countries have been able to take full advantage of the opportunities afforded by globalized trade, and new technologies and economic integration.  He said that, as a result, many countries, regions and people continue to lag behind amid growing inequality in many societies.

“More than 700 million people, or 10 per cent of world population, still live in extreme poverty, including many in middle-income countries that have managed to benefit from global trade. These growing inequalities have underscored the fact that globalization creates both winners and losers.”

-UN   Secretary-General Antonio Guterres.

“A move away from multilateral agreements is likely to be less-favourable for small developing countries, which lose the common protection of the rules-based system. In bilateral negotiations, the dominant trading partner tends to gain the most,”  Guterres.

WTO Director-General Roberto Azevêdo highlighted the importance of multilateral cooperation as a “powerful force for good, supporting economic growth, development, stability and peace”.

Azevêdo added:  “Yet, at this crucial moment, the multilateral system also faces huge challenges. The question is being asked about the effectiveness of global cooperation in its current form. We see this reflected in the WTO. The tensions between major economies are playing out here in this organization,” he continued. “We are working hard to help deal with members’ concerns, resolve disputes and urgently reduce tensions.”