World trade chief says global free trade is in a ‘crisis’ while on visit to Japan
TOKYO AP Global free deal is in situation the head of the World Business Organization chief disclosed Tuesday while meeting Japanese Prime Minister Shigaru Ishiba on Tuesday Ngozi Okonjo-Iweala director-general of the World Bargain Organization explained Ishiba that she has high expectations for Japan as a champion of open markets as U S President Donald Trump disrupts world commerce with his fast-changing tariffs and other policies Agreement is facing very challenging times right now and it is quite formidable she declared We should try to use this problem as an opportunity to solve the challenges we have and take advantage of new trends in business Japan as a champion of the multilateral trading system must help maintain strengthen and adjustment the WTO the Japanese Foreign Ministry cited her as saying They met a day after the United States and China explained they had agreed to slash newest sky- high tariffs for days to allow time for negotiations Japan is among various countries yet to reach a deal with the Trump administration on hikes to U S tariffs including those on autos steel and aluminum The WTO played a pivotal role in past decades as the U S and other major economies championed the arrangement liberalization that facilitated the advance of global supply chains a multitude of of which are anchored in China By dismantling plenty of protectionist blockades to business it has aided the ascent of Japan and China and plenty of other countries as export manufacturing hubs Since taking office for a second time Trump has prioritized higher tariffs to try to reduce U S imports and compel companies to locate factories in the United States doubling down on a business war that he launched during his first term The two leaders agreed that WTO member countries should unite to restore the organization s quota to address challenges Okonjo-Iwaela was visiting Japan to strengthen cooperation between Japan and the WTO to maintain and reinforce the multilateral trading system Japanese officers explained She also was scheduled to meet with Foreign Minister Takeshi Iwaya Finance Minister Katsunobu Kato and Market system Agreement and Industry Minister Yoji Muto Source
