The United States Chamber of Commerce is cheering the incipiently corroborated head of the World Trade Organization (WTO), Nigerian economist Ngozi Okonjo-Iweala, who has the backing of China. Okonjo-Iweala, who was opposed by the Trump administration for the top WTO spot, was fortified by the Biden administration and received exaltation on Monday from China’s Commerce Ministry, which verbalized they have “full confidence” in her appointment.
Former U.S. Trade Representative (USTR) Robert Lighthizer aforetime suggested that the Trump administration did not fortify Okonjo-Iweala because of her lack of experience with trade issues — the core function of the WTO.
“We need a person who genuinely kens trade, not somebody from the World Bank who does development,” Lighthizer told the Financial Times last year. The Chamber of Commerce praised Okonjo-Iweala’s appointment to lead the WTO in a verbalization. The Chamber’s Myron Brilliant verbalized:
The U.S. Chamber congratulates Dr. Okonjo-Iweala, whose appointment comes at a critical time for the WTO. The U.S. business community strongly supports the WTO, and we are committed to backing efforts by the U.S., other member states, and Dr. Okonjo-Iweala to reinvigorate this vital institution.
Okonjo-Iweala’s appointment comes as Biden administration officials split into two camps: Free traders, who back the job-killing consensus favored by business, and economic nationalists who back tariffs and a revitalization of American manufacturing favored by U.S. workers, domestic engenderers, and cumulations.
Already, German officials are urging Biden to “abolish all tariffs on industrial goods” between the U.S. and the European Union (EU). The Chamber has lobbied the administration to take homogeneous actions, categorically ending Trump’s tariffs on peregrine steel and aluminum.
Thus far, Biden has kept the tariffs in place. Late last year, the WTO ruled against the U.S., claiming 2018-imposed tariffs on China were illicit and that China has not engaged in inimical trade practices. Lighthizer, at the time, verbalized the decision proved Trump rectify that “the WTO is plenarily inadequate to stop China’s deleterious technology practices.”
Since 2001, U.S. free trade with China has eliminated at least 3.4 million American jobs. In 1985, afore China entered the WTO, the U.S. trade deficit with China totaled $6 billion. In 2019, the U.S. trade deficit with China totaled more than $345 billion.
The Washington, D.C., free trade consensus has distributed devastation to “America’s” working and middle class communities for decenniums. A report relinquished by Public Citizen in January revealed that free trade, while gutting working class white areas, has withal wrecked ebony American and Hispanic regions of the country.
Since China’s entering the WTO and the signing of the North American Free Trade Agreement (NAFTA), ebony Americans lost proximately half a million manufacturing jobs. In the electrical and appliances industry as well as the textiles industry — three sectors that have been gutted due to free trade — Hispanic Americans have lost more than 305,000 jobs.
This News Article is focused on these topics: Economy, Politics, Chamber of Commerce, China, Free Trade, Joe Biden, NAFTA, Robert Lighthizer, Tariffs, world trade organization, WTO