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Atlas Shrugged: The U.S. Fatigue with Being the Market of Last Resort
Published online by Cambridge University Press: 22 March 2019
Extract
The Trump administration has made no secret about its frustration with the World Trade Organization (WTO). Campaign rhetoric is being channeled into policy. The United States is single-handedly strangling the Appellate Body by blocking appointment of new members and complaining about those who are holding over past their terms. The latest WTO ministerial resulted in no deals. An administration that touts enforcement has largely eschewed filing WTO complaints. The president's imposition of duties pursuant to Section 232 of the Trade Expansion Act of 1962 (Section 232) is a manifestation of deeper concerns with the asymmetry that was built into the global trading system—asymmetry the United States encouraged at the time. That asymmetry contributed to the U.S. status as the market of last resort: the destination of choice for excess production, with adverse consequences for domestic producers of similar goods.
- Type
- Challenges and Opportunities for International Trade Law Practice
- Information
- Copyright
- Copyright © by The American Society of International Law 2019
Footnotes
This panel was convened at 3:00 p.m., Friday, April 6, 2018, by its moderator, Greg Shaffer of the University of California, Irvine, who introduced the panelists: Elizabeth Baltzan of American Phoenix Trade Consulting; Timothy Brightbill of Wiley Rein LLP; Jeanne Davidson of the U.S. Department of Justice Office of Foreign Litigation; and Irving Williamson of the U.S. International Trade Commission.
References
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2 Luc Cohen & David Lawder, WTO Meeting Ends in Discord, Ministers Urge Smaller-Scale Trade Talks, Reuters (Dec. 13, 2017), at https://www.reuters.com.
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4 Communication from the United States,World Trade Organization (June 19, 2006), available at http://trade.ec.europa.eu/doclib/docs/2006/august/tradoc_129914.pdf.
5 Peter S. Goodman, In Era of Trump, China's President Champions Economic Globalization, N.Y. Times (Jan. 17, 2017), at http://www.nytimes.com.
6 Beth Baltzan, How to Think About China (Hint: It's Not Just Trade), Amer. Phoenix (Jan. 11, 2018), at http://americanphoenixpllc.com/trade-policy-china-hint-not-just-trade.
7 See Beth Baltzan, The China Meme, Amer. Phoenix (Nov. 30, 2017), at http://americanphoenixpllc.com/the-china-meme.
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16 Baltzan, supra note 3.