The precarious position of the WTO

The United States’ rejection of four panel reports issued by the World Trade Organization (WTO) in December 2022 in relation to US steel tariffs targeting China has attracted little attention outside trade-policy circles, but it has dealt a serious blow to the credibility of the organisation. The weakening of the WTO and, more broadly, the rules-based trade system that has endured for nearly three decades, will enable countries with economic power to do as they please, particularly regarding trade in strategic resources, manufactured goods and technologies.