DAVOS, Switzerland : The United States pitched its vision of 'worker-centric' trade. China promised an 'all-round opening up'. Europe spoke of its quest for strategic autonomy. And industrial policy - backed with lots of state cash - is no longer a dirty word.The Big Three trading powers at this year's Wo
DAVOS, Switzerland : The United States pitched its vision of"worker-centric" trade. China promised an"all-round opening up". Europe spoke of its quest for strategic autonomy. And industrial policy - backed with lots of state cash - is no longer a dirty word.
Three decades of free global trade have, the International Monetary Fund estimates, lifted more than a billion people out of extreme poverty. In rich countries, it provided consumers with a seemingly endless supply of cheap goods. The Biden administration, aware how Donald Trump benefited from voter fears that globalisation was killing U.S. jobs, is championing a trade policy that aims to protect worker rights.
As Europe scrambled to launch a plan of its own, Belgian Prime Minister Alexander De Croo voiced concerns that this should not turn into a"race of the big pockets" in which those countries without the resources to compete lost out. "Friendshoring" raises similar concerns. U.S. Treasury Secretary Janet Yellen and others use the term to describe how companies should privilege trade with like-minded countries - but that raises the question of who those countries are.
Some middle-income countries, for example, are smarting at what they see as the failure of a 2021 global revamp of tax rules intended to make sure multinationals such as Apple and Amazon pay a fair amount of tax on local business.
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