World trade chief says global free trade is in a ‘crisis’ while on visit to Japan
TOKYO AP Global free transaction is in predicament 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 Exchange Organization reported 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 Commerce is facing very challenging times right now and it is quite laborious she stated We should try to use this predicament as an opportunity to solve the challenges we have and take advantage of new trends in pact Japan as a champion of the multilateral trading system must help maintain strengthen and restructuring the WTO the Japanese Foreign Ministry cited her as saying They met a day after the United States and China noted they had agreed to slash modern sky- high tariffs for days to allow time for negotiations Japan is among a multitude of 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 agreement liberalization that facilitated the development of global supply chains a large number of of which are anchored in China By dismantling countless protectionist fences to deal it has aided the ascent of Japan and China and a great number 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 transaction war that he launched during his first term The two leaders agreed that WTO member countries should unite to restore the organization s ceiling 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 personnel mentioned She also was scheduled to meet with Foreign Minister Takeshi Iwaya Finance Minister Katsunobu Kato and Economic activity Exchange and Industry Minister Yoji Muto Source
