The writer, an FT contributing editor, is a former chief economist at the Bank of England
The recent ministerial meeting of the World Trade Organization ended in ignominy with no agreement reached on ecommerce tariffs and a failure to discuss much-needed reform of the WTO itself. This was a fitting end to a disastrous decade for world trade.
That decade began with Brexit and the tariffs of Donald Trump’s first presidency. World trade was then rocked by the acute supply chain disruptions of Covid-19 and Russia’s full-scale invasion of Ukraine. It will end with US tariffs at their highest levels since the second world war and significant supply chain dislocation in the Middle East.
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