The United States, Europe and China have clashed over trade practices for several years and their frictions could continue for another decade or two, experts told CNBC.
In the latest blow to the WTO, the U.S. is reportedly looking to leave the WTO's government procurement agreement.
Speaking last month at the World Economic Forum in Davos, Switzerland, Trump said the WTO "has been very unfair to the United States for many, many years. And without it, China wouldn't be China, and China wouldn't be where they are right now." Standing right next to the president, WTO Director General Ricardo Azevedo accepted that it "has to be updated. It has to be changed. It has to be reformed.
Without a deal featuring buy-in by all of the major players, trade conflict will become the new normal.Furthermore, the U.S. has also prevented the appointment of new judges to the appellate body of the WTO. The group was responsible for hearing and deciding on international trade disputes, and it means it can no longer issue rulings.
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