Thread by @CoppetainPU

Anyone looking for signals on how the US approaches trade relations might be interested in the statement it made earlier this week at the WTO.

WTO members were reviewing the EU’s trade policy. This is how the US kicked off its statement.

geneva.usmission.gov/2020/02/18/u-s…

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This is pure Trumpist economics, everything determined by the bilateral deficit, proof that the EU is protectionist.

That first paragraph puts the statement in a different light. Without, it would be a standard comment in a trade policy review.

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geneva.usmission.gov/2020/02/18/u-s…

So, was that comment about the trade deficit put there simply for the benefit of the White House?

Or is the US’s approach in the WTO now going to be driven by bilateral trade balances?

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Whatever the answer, the EU felt compelled to reply — with a lecture in basic macroeconomics.

“Savings minus consumption and investments equals exports minus imports”

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eeas.europa.eu/delegations/wo…

Overall, Geneva officials said, SPS (food safety, animal/plant health) and agriculture topped the list of comments in the review.

This is the chairman’s summary of the issues raised, in his concluding remarks:

Audio: wto.org/audio/tp495.mp3
Text: wto.org/english/tratop…

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Full information on the trade policy review of the EU is here: wto.org/english/tratop…

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