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<ul class="summary-list"><li>Chief WTO Economist Ralph Ossa said on Monday the group's previous global trade growth estimates were "overly optimistic."</li><li>Concerns are fueled by Yemen-based Houthi militants attacking commercial ships in the Red Sea. </li></ul>The World Trade Organization is likely to slash 2023 and 2024 trade projections due amid weaker-than-expected global economic activity and disruptive attacks by Houthi militants in the Red Sea. The WTO previously projected a rise of 0.8% in merchandise trade volumes for 2023 and a 3.3% increase for 2024. But now, escalating tensions in the Red Sea as a result of Iran-backed Houthis' attacks on commercial ships have heightened the WTO's concerns, with chief economist Ralph Ossa <a href="https://www.reuters.com/markets/wto-says-its-trade-growth-estimates-appear-overly-optimistic-2024-01-29/" target="_blank" rel="noopener">telling Reuters on Monday</a> the group's previous forecasts seem "overly optimistic."Ossa said the WTO would publish updated forecasts in the coming months, and various global organizations have trimmed their GDP growth forecasts this year, impacting the WTO's trade predictions. He also emphasized a growing uptick in consumer prices due to surging shipping costs since the Houthi attacks began. As Houthi militias continue to <a href="https://www.businessinsider.com/iran-backed-houthi-attacks-are-screwing-up-global-trade-2023-12">target commercial vessels in the Red Sea</a> with drone and missile attacks, companies shipping everything from energy resources like oil, energy, and natural gas, to commodities <a href="https://markets.businessinsider.com/news/commodities/red-sea-attacks-houthi-impact-trade-coffee-inflation-shipping-costs-2024-1">such as coffee</a>, have experienced disruptions in their supply chains. Numerous <a href="https://markets.businessinsider.com/news/commodities/oil-prices-cargos-red-sea-houthi-attacks-supply-chain-inflation-2024-1?_gl=1*1qudj4h*_ga*ODAxNTgzMjcxLjE3MDU5NTE2MDY.*_ga_E21CV80ZCZ*MTcwNjU1NDY4OC40MS4xLjE3MDY1NTc3MTUuNTguMC4w">big shipping companies are choosing to reroute or cancel shipments</a> through the region. Military responses from US and UK air and naval forces have successfully fended off some attacks but haven't halted them. President Joe Biden has acknowledged that the strikes are unlikely to entirely prevent the Houthis from targeting shipping lanes.Experts have said the turmoil around the Suez Canal, along with steady economic growth, could spark a renewed <a href="https://www.businessinsider.com/iran-backed-houthi-attacks-are-screwing-up-global-trade-2023-12">bout of inflation</a> this year. <div type="image" title="A Cargo Ship surrounded by Houthi boats in the Red Sea" height="554" width="1109" msid="107243137" hostid="261" sizebytes="47008"></div>Still, the WTO's Ossa also highlighted that goods trade for this year is poised to surpass 2023, adding that the global economy and world trade remain robust despite recent geopolitical issues and fears of slower growth. If disruptions persist, inflation concerns in Europe are anticipated to stick around but are unlikely to result in a massive economic shock akin to the COVID-19 era.

Global trade will fall this year amid slower growth and Red Sea turmoil, WTO official says

<ul class="summary-list"><li>US economic sanctions have spawned something of a global backlash, in the form of the dedollarization movement.</li><li>This was anticipated as early as 2019, by an expert who warned the weaponization of the dollar could have serious consequences for the global economic system.</li></ul>Washington's penchant for wielding the dollar's global sway as an economic weapon has spooked countries from China and Brazil, fueling an unprecedented campaign to dethrone the greenback.But the so-called <a href="https://markets.businessinsider.com/news/currencies/dedollarization-faces-headwinds-argentina-dollar-zooms-5000-percent-vs-peso-2023-7" target="_blank" rel="noopener">dedollarization drive</a> doesn't come as a surprise to all – some experts have been warning of this for years.In a <a href="https://www.lse.ac.uk/ideas/Assets/Documents/updates/LSE-IDEAS-Weaponisation-Dollar.pdf" target="_blank" rel="noopener">2019 report</a> by the London School of Economics, political economy expert Julius Sen explored the way the Donald Trump administration weaponized the dollar by scrapping the Iran nuclear agreement signed in 2015. At the time, the US slapped a number of sanctions on Tehran for failing to curb its nuclear program, including restrictions on the country's use of the greenback."The term 'weaponization' is also apt as it explains how a relatively neutral but essential facility – the dollar and its accompanying payment system – have been turned into a powerful weapon by one UN member state against another without appropriate sanctions in place. In addition to weaponization, it also represents an aggressive form of extraterritoriality which has perhaps not been seen on this scale in the past," Sen said in the report.Sen suggested, clairvoyantly, that America's use of its currency as an instrument of economic offensive could prompt other countries to "find their own coping mechanisms" – such as a diversification of reserves away from the dollar, a shift away from greenback-based debt, and a reintroduction of capital and currency controls.<h2>Back in 2023, dedollarization is a thing</h2>Fast forward to 2023, and some of the recent rumblings across the global currency and monetary landscape are strikingly in line with Sen's prognostications. By now, the world has seen more instances of the dollar's weaponization – most recently against Russia, in response to its war on Ukraine.From barring Russia's access to <a href="https://www.businessinsider.com/us-putin-sanctions-russia-central-bank-war-chest-ukraine-crisis-2022-2" target="_blank" rel="noopener">$600 billion in reserves</a> to booting the nation out of the <a href="https://www.businessinsider.com/us-eu-announce-some-russian-banks-removed-from-swift-2022-2" target="_blank" rel="noopener">SWIFT</a> international banking system, the US has gone more aggressive than ever with its dollar offensive. But a backlash is beginning to take shape – countries from China to India and Brazil are pushing for alternatives to the dollar for trade and investment. BRICS nations talk of a gold-backed currency. Even French President Emmanuel Macron has called for <a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-russia-china-india-brazil-oil-trade-reserve-currency-2023-1">Europe to reduce its dependence on the "extraterritoriality of the US dollar."</a>Collectively, these efforts have come to be known as dedollarization.Household names like Tesla CEO Elon Musk have warned against weaponizing the dollar as the dedollarization movement gathers momentum, saying: "If you weaponize currency enough times, other countries will stop using it." <h2>'Complete reversal' of global integration</h2>Sen's 2019 analysis didn't stop at anticipating dedollarization – he also made some grim projections on the longer-term consequences of a weaponized dollar and its repercussions.All that could come at a huge cost to the global economy – and drive a "complete reversal of global economic integration," he wrote. "If the feeling is that these countries will now have to fend for themselves and find their own coping mechanisms, then the global system could quickly fragment as countries move to protect themselves from a more general breakdown in a global system that has provided the institutional and operational architecture for global trade, investment, finance and payments on which everyone substantially depends," he added.<h2>Much ado about nothing?</h2>However, <a href="https://markets.businessinsider.com/news/stocks/dedollarization-us-dollar-china-yuan-russia-brazil-currencies-investing-analysis-2023-7">optimists</a> including Nobel laureate Paul Krugman said fears about countries eroding the dollar's dominance were "<a href="https://markets.businessinsider.com/news/currencies/dollar-dominance-dedollarization-paul-krugman-nyt-us-economy-china-yuan-2023-7?utm_medium=referral&amp;utm_source=yahoo.com" target="_blank" rel="nofollow noopener">much ado about nothing</a>". The greenback's status as the world's reserve currency faces no real threat for the foreseeable future, according to German financial-services giant Allianz.The <a href="https://markets.businessinsider.com/news/currencies/dedollarization-dollar-dominance-janet-yellen-usd-global-reserve-share-decline-2023-6">dollar's share of global reserves could slowly decline</a>, but no alternatives exist that could completely displace the US currency, Treasury Secretary Janet Yellen said last month.Back in 2019, Sen also anticipated some of the tectonic shifts in the global geopolitical landscape that may have been set in motion now. Russia's war on Ukraine and its political fallout has seen Moscow's relations with the West deteriorate further, and President Putin step up efforts to boost ties with Asian nations such as China and India.<h2>'The WTO system could crumble'</h2>"As countries come to terms with a new reality, political relationships will be redefined. Strategic friendships will be sought in order to mitigate some of the risks, particularly for economies dependent on food or energy," Sen wrote."This in turn will create a new pattern of interdependencies that will operate largely outside current global frameworks and will possibly develop rules, practices and procedures that are inconsistent with other international obligations. The WTO system, for example, would crumble completely in the face of this happening," he added.Read more: <a href="https://markets.businessinsider.com/news/currencies/dedollarization-global-forex-reserves-dollar-brics-russia-china-yuan-allianz-2023-7">Dedollarization of global FX reserves? Not so fast, Allianz says</a>

The weaponization of the dollar will reverse globalization and kill the WTO, it was warned. That's a real threat today as dedollarization gathers force.

<ul class="summary-list"><li>President <keyword id="99719" type="PERSON" weightage="60" keywordseo="Joe-Biden">Joe Biden</keyword> is being urged to suspend patents for <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> <keyword id="79555" type="TECHNOLOGY" weightage="60" keywordseo="Vaccines">vaccines</keyword>.</li><li>The move would allow developing countries to produce the vaccines on their own.</li><li>The request came in a letter signed by over 100 Nobel laureates and 75 former world leaders.</li></ul>US pharmaceutical companies have developed the world's most effective vaccines for the coronavirus, helping Americans get inoculated faster than people in most other countries. Now President Joe Biden is being urged not just to share the vaccines with the less fortunate, but to share the knowledge that would allow developing nations to manufacture the vaccines themselves.In a <a href="https://peoplesvaccinealliance.medium.com/open-letter-former-heads-of-state-and-nobel-laureates-call-on-president-biden-to-waive-e0589edd5704">letter</a> on Wednesday, over 100 Nobel laureates and 75 former world leaders called on Biden to suspend vaccine patents, by way of a waiver at the World Trade Organization, calling it "a vital and necessary step to bringing an end to this pandemic."They added that this would "save lives and advance us towards global herd immunity."The letter, published by the People's Vaccine Alliance, was signed by former UK Prime Minister Gordon Brown, former Soviet Union President Mikhail Gorbachev, and former French President François Hollande.A waiver would allow <keyword id="6357761" type="UNKNOWN" weightage="60" keywordseo="WTO">WTO</keyword> members to <a href="https://www.businessinsider.com/vaccine-patents-ips-monopoly-vaccination-process-us-biden-africa-2021-2">suspend the intellectual property rights</a> currently enjoyed by the likes of Pfizer, Moderna, and Johnson &amp; Johnson, enabling developing countries to produce vaccines and treatments without fear of reprisal. Last fall, South Africa and India <a href="https://docs.wto.org/dol2fe/Pages/SS/directdoc.aspx?filename=q:/IP/C/W669.pdf&amp;Open=TrueTrue">submitted a proposal</a> to the WTO seeking such a suspension "until widespread vaccination is in place globally."Resistance has been fierce, however. In March, the US, UK, and the European Union all voted to block such a waiver from being granted, arguing that they need to preserve an economic incentive for the development of new medical technologies.Their opposition is shared by the private sector.The US Chamber of Commerce called such proposals "misguided" and a "distraction" from efforts already underway to share vaccines with the developing world. The <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">International</keyword> Federation of Pharmaceutical Manufacturers &amp; Associations likewise argued that a waiving of IP protections would be "counterproductive," undermine confidence in a for-profit system that helped develop several highly effective vaccines.But the charity group Médecins Sans Frontières (<keyword id="6510987" type="ORGANIZATION" weightage="60" keywordseo="msf">MSF</keyword>), or Doctors Without Borders, has argued that mindset reeks of provincialism."Countries must stop obstructing and show the leadership required to deliver on the 'global solidarity' they have so often declared during the pandemic," Dr. Christos Christous, the group's president, said in a statement. "It's time to champion access to medical tools for everyone, where they live."The World Health Organization (WHO) has already started shipping vaccines through its <a href="https://www.businessinsider.com/covid-vaccine-ghana-drones-covax-who-coronavirus-zipline-rural-communities-2021-3">COVAX initiative</a>, which aims to provide poorer countries with enough doses to cover 20% of their population. But the letter's signatories described its impact as "limited, while welcome."They added that, at the current pace, "many nations will be left waiting until at least 2024 to achieve mass <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> immunization."Have a news tip? Email this reporter: <a href="mailto:cdavis@insider.com">cdavis@insider.com</a>

Make coronavirus vaccines patent-free, former world leaders urge Biden

<ul class="summary-list"><li>The <keyword id="6357761" type="UNKNOWN" weightage="60" keywordseo="WTO">WTO</keyword> Goods <keyword id="44844" type="ORGANIZATION" weightage="60" keywordseo="Trade">Trade</keyword> Barometer slumped to a record low of 84.5 as of Wednesday, <a href="https://www.wto.org/english/news_e/news20_e/wtoi_19aug20_e.htm">according to a report from the organization</a>.</li><li>The reading is down down 15.5 points from the index baseline of 100, suggesting below-trend growth, and nearly 19 points lower on the year. </li><li>"The heavy economic toll of the COVID-19 pandemic suggests that the projections for a strong, V-shaped trade rebound in 2021 may prove overly optimistic," the WTO wrote <a href="https://www.wto.org/english/news_e/news20_e/wtoi_19aug20_e.htm">in the report</a>.</li></ul>A <keyword id="126374" type="ORGANIZATION" weightage="60" keywordseo="world-trade">World Trade</keyword> Organization index tracking merchandise slumped to a record low in the second quarter, signaling that a V-shaped recovery is unlikely for <keyword id="176734" type="ORGANIZATION" weightage="60" keywordseo="global-trade">global trade</keyword>. The WTO Goods Trade Barometer hit 84.5, the lowest on record since 2007, according to a Wednesday reading from the organization. The record low print is down 15.5 points from the index baseline of 100, suggesting below-trend growth. It is also nearly 19 points lower on the year. "The heavy economic toll of the COVID-19 pandemic suggests that the projections for a strong, V-shaped trade rebound in 2021 may prove overly optimistic," the WTO wrote <a href="https://www.wto.org/english/news_e/news20_e/wtoi_19aug20_e.htm">in the report</a>. "As uncertainty remains elevated, in terms of economic and trade policy as well as how the medical crisis will evolve, an L-shaped recovery is a real prospect." Read more: <a href="https://www.businessinsider.com/joel-greenblatt-book-interview-common-sense-education-immigration-social-security-2020-8">Warren Buffett disciple Joel Greenblatt averaged 50% annual returns over 10 years. He shares an investor's approach to solving some of America's most glaring problems right now — from education and immigration to social security.</a>The full extent of the decline in global trade will be confirmed later this year when the WTO releases official data from April to June. Still, the latest reading is consistent with with WTO numbers released in June that forecast an 18.5% drop in merchandise trade in the second quarter of 2020. Global trade began to decline in 2018 and fell into negative territory in 2019 amid the <keyword id="182860" type="PERSON" weightage="60" keywordseo="trade-war">trade war</keyword> between the US and China. When the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic hit this year, it had a severe effect on global trade. In April, WTO had forecast that global trade in <a href="https://www.bloomberg.com/news/articles/2020-04-08/wto-says-2020-global-trade-collapse-may-be-worst-in-a-generation?sref=Zwwm81xn">goods could fall 13% to 32%</a> in 2020 before rebounding between 21% and 24% in 2021. In June, the organization updated its forecast, saying that swift government responses made the gloomy outlook less likely.

WTO trade index hits a record low, signals that a global V-shaped recovery is unlikely

In a landmark development, China has lost a dispute to the European Union at the World Trade Organization (WTO) for a market economy status, as the former allowed the dispute to lapse. The development comes after four years of battle for the market-economy status by China. The designation would have put the country in a stronger position in respect of its commercial and trade partners. A note by the WTO Secretariat said China allowed the dispute to lapse. "At the request of China, the panel suspended its work on 14 June 2019 (WT/DS516/13). Since the panel has not been requested to resume its work, pursuant to Article 12.12 of the DSU, the authority for establishment of the panel lapsed as of 15 June 2020," read the Secretariat's note. According to the EU, China subsidizes its industries to a great extent, particularly steel and aluminum, making their sales prices in the international market unfair. After the latest development, to protect their industries, the EU and the United States will be able to apply high anti-dumping tariffs on goods from China. Similar issues have also been faced by India in terms of "dumping" of low-cost products by China. India has imposed anti-dumping duties on several occasions on several items. Further, amid the ongoing border tussle, India may impose higher tariffs on products that are mostly imported from China. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/the-wto-warns-that-the-coronavirus-pandemic-could-create-another-great-depression/articleshow/75070595.cms">The WTO warns that the coronavirus pandemic could create another Great Depression</a> <a href="https://www.businessinsider.in/business/news/used-peace-clause-to-provide-excess-support-to-rice-farmers-india-to-wto/articleshow/74949091.cms">Used peace clause to provide excess support to rice farmers: India to WTO</a> <a href="https://www.businessinsider.in/business/news/taiwan-seeks-formation-of-wto-dispute-panel-in-case-against-indias-import-duties-on-ict-products/articleshow/74888005.cms">Taiwan seeks formation of WTO dispute panel in case against India's import duties on ICT products</a>

China loses WTO dispute against EU for market economy status

<ul><li>President Donald <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword> told reporters Thursday the US will "strike much harder" if the EU imposes around $4 billion in tariffs on US goods. </li><li>The World Trade Organization ruled Tuesday the EU has the right to impose tariffs on around $4 billion worth of US goods. </li><li>The <keyword id="6357761" type="UNKNOWN" weightage="60" keywordseo="WTO">WTO</keyword>'s decision is part of a 16-year old dispute over subsidies granted to <a href="https://markets.businessinsider.com/stocks/ba-stock">Boeing. </a></li><li>The EU said this week it may not impose the tariffs yet, as it prefers to negotiate with the US. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>President Donald Trump on Thursday told reporters he will "strike much harder" if the European Union impose tariffs on US goods after winning a World Trade Organization ruling earlier this week."If they strike back, then we'll strike much harder than they'll strike. They don't want to do anything, I can tell you that," Trump told <a href="https://www.whitehouse.gov/briefings-statements/remarks-president-trump-marine-one-departure-101520/">reporters</a> before boarding the Marine One helicopter ahead of more campaign rallies.The WTO's decision on Tuesday is part of a trade dispute that has lasted nearly 16 years. The EU had long claimed government subsidies for US aircraft manufacturer<a href="https://markets.businessinsider.com/stocks/ba-stock"> Boeing </a> were unfair. Read more: <a href="https://www.businessinsider.com/long-term-stock-picks-recommendations-investing-strategy-parnassus-lori-keith-2020-10" target="_blank" rel="noopener noreferrer">Lori Keith's mutual fund has grown 98,000% in 12 years by focusing on unflashy companies. She told us about 7 such stocks that thrived in the recession — and will likely do even better in the recovery.</a>This week's WTO allows the EU to respond to tariffs imposed by Washington after a similar ruling last October under which the US won the right charge duties on <a href="https://markets.businessinsider.com/news/stocks/wto-airbus-ruling-open-door-for-trump-tariffs-on-europe-2019-10-1028571481?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">$7.5 billion of EU goods, </a>which affected aircraft parts and luxury goods based on its objections over European government support for rival aerospace group <a href="https://markets.businessinsider.com/stocks/airbus-stock">Airbus. </a>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-jim-osman-investing-expert-3-winners-2020-10" target="_blank" rel="noopener noreferrer">200-plus money managers pay thousands to see which stocks are on Jim Osman's buy list. He details 2 he sees doubling and says one has at least 50% left to soar.</a>Trade tensions between the EU and US have deteriorated in the past few years, partly down to <a href="https://ru.reuters.com/article/industrialsSector/idUKL1N2CO10O" target="_blank" rel="noopener">Airbus and Boeing, the world's two largest plane makers</a>, accusing the other of unfairly receiving billions of dollars in government subsidies.Tuesday's WTO ruling doesn't necessarily mean the EU will definitely go ahead with the tariffs. The EU Chair of the Committee on International Trade Bernd Lange, reiterated this week after the decision he prefers a negotiated settlement on civil aircraft financial support. But he warned in the absence of "constructive" US engagement even after the elections, the EU will go ahead with the tariffs.

Trump warns of backlash if the EU levies around $4 billion in tariffs after WTO ruling

<ul><li>The <keyword id="6357761" type="UNKNOWN" weightage="60" keywordseo="WTO">WTO</keyword> ruled on Tuesday the EU can impose tariffs on about $4 billion worth of US goods in retaliation for subsidies granted to aircraft maker <keyword id="6357957" type="ORGANIZATION" weightage="60" keywordseo="boeing">Boeing</keyword>. </li><li>The US took European countries to WTO in 2004 for subsidies to rival aerospace firm <keyword id="6356166" type="ORGANIZATION" weightage="60" keywordseo="airbus">Airbus</keyword>, and the EU reciprocated with a case against US support for Boeing. </li><li>In October last year the WTO ruled the US can impose tariffs on $7.5 billion of EU goods over its state aid to Airbus. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The European Union won the right on Tuesday to impose tariffs on about $4 billion of US goods in retaliation for subsidies granted to aircraft manufacturer Boeing, following a ruling from the World Trade Organization. The decision is part of a trade dispute that has lasted for nearly 16 years, but the ruling could worsen transatlantic relations, just weeks before the US election. It allows the EU to respond to tariffs set by the US following a WTO ruling last October under which the US won the right to impose tariffs on <a href="https://markets.businessinsider.com/news/stocks/wto-airbus-ruling-open-door-for-trump-tariffs-on-europe-2019-10-1028571481?utm_source=markets&amp;utm_medium=ingestgest">$7.5 billion of EU goods, </a>affecting aircraft parts and luxury goods over state aid support for Airbus. Trade tensions between the US and Europe have escalated over the past few years, particularly under the Trump administration. <a href="https://ru.reuters.com/article/industrialsSector/idUKL1N2CO10O" target="_blank" rel="noopener">Airbus and Boeing, the world's two largest plane makers</a> have for years accused the other of unfairly receiving billions of dollar in government subsidies. Airbus is based in Europe, while Boeing is in the US.The US first complained to the WTO in 2004 about EU subsidies for Airbus, which has sites in Britain, France and Germany. The EU reciprocated with a case against US support for Boeing. Read More: <a href="https://www.businessinsider.com/stock-picks-amazon-prime-day-retail-investing-strategy-proshares-hyman-2020-10" target="_blank" rel="noopener noreferrer">The global investment strategist at a $44 billion ETF shop explains why the pandemic-fueled boom of online retail is set to accelerate — and shares 5 stocks to watch other than Amazon ahead of its Prime Day</a>EU officials have recently said they were hoping to reach a settlement with Washington, so the ruling doesn't mean the bloc will immediately adopt the tariffs. The EU Chair of the Committee on International Trade Bernd Lange, said in a statement following the ruling: "I sincerely hope that this decision will work as an incentive to end these disputes through a negotiated settlement. That should remain the absolute priority because, in times like these, we should, more than ever, work together and not against each other." "Therefore I call on both sides to enter into negotiations to reach a long-term agreement on civil aircraft subsidies. The mini-deal concluded between the EU and the US has already created a momentum," he added. Read More: <a href="https://www.businessinsider.com/investing-outlook-market-impact-contested-us-elections-deutsche-bank-2020-10" target="_blank" rel="noopener noreferrer">Deutsche Bank scoured 200 years of US history to uncover how investors should handle a contested election — including 3 past examples and how markets responded</a> But he said in the absence of "constructive" US engagement, even after the November presidential elections, the EU will "enforce its rights" by putting in place the tariffs. The US said in June it was considering imposing new tariffs on <a href="https://markets.businessinsider.com/news/stocks/trade-war-us-tariffs-europe-3-billion-new-notice-2020-6-1029337397#">$3.1 billion of European goods,</a> with products like olives, beer, gin, and planes on the list. Earlier this year the US increased tariffs from 10% to 15% on imports of Airbus' aircraft and parts.

The WTO has ruled the EU can impose around $4 billion in tariffs on US goods in retaliation for Boeing subsidies

<ul class="summary-list"><li>The Biden administration said on Wednesday it <a href="https://www.businessinsider.com/biden-administration-supports-waiving-ip-rights-for-covid-19-vaccines-2021-5">supported IP waivers</a> for COVID-19 vaccines.</li><li>But <keyword id="4912868" type="PERSON" weightage="60" keywordseo="moderna">Moderna</keyword>'s CEO said on Thursday he doesn't believe the move would hurt the company.</li><li>Stéphane Bancel said it would take a long time for other companies to recreate Moderna's <keyword id="24209" type="PERSON" weightage="60" keywordseo="vaccine">vaccine</keyword>.</li></ul>The CEO of Moderna said he "didn't lose a minute of sleep" following the US <a href="https://www.businessinsider.com/biden-administration-supports-waiving-ip-rights-for-covid-19-vaccines-2021-5">decision to back waiving intellectual-property rights for COVID-19 vaccines</a>.Members of the World Trade Organization are currently discussing a waiver, which if approved would leave countries free to recreate several vaccines from around the world without fear of sanctions.President Joe Biden's administration said Wednesday it supported the move, meaning vaccines from US-based firms like Moderna, Pfizer, and Johnson &amp; Johnson could be replicated.Pharmaceutical companies usually guard their intellectual property closely, but Moderna CEO Stéphane Bancel said Thursday the move wouldn't affect the company's bottom line."I didn't lose a minute of sleep over the news during the night," Bancel said during <a href="https://www.businessinsider.com/waiving-vaccine-patents-unlikely-to-boost-supplies-experts-say-2021-5">Moderna's first-quarter earnings.</a>Such a move "doesn't change anything for Moderna," he said.Read more: <a href="https://www.businessinsider.com/waiving-vaccine-patents-unlikely-to-boost-supplies-experts-say-2021-5">Global leaders want to override COVID-19 vaccine patents to boost production. It probably isn't going to work.</a><div type="image" title="Moderna vaccine" height="999" width="1999" msid="82454989" hostid="261"></div>During the announcement, Bancel said that the global capacity to produce mRNA vaccines - <a href="https://www.businessinsider.com/ceo-of-moderna-on-mrna-innovation-behind-covid-vaccine-2021-3">a new type of vaccine popularized by Moderna and Pfizer in response to the COVID-19 pandemic</a> - was at its limit anyway."There is no idle mRNA manufacturing capacity in the world," Bancel said. "This is a new technology.""You cannot go hire people who know how to make mRNA. Those people don't exist," he said.Moderna has long been open to sharing its success, <a href="https://investors.modernatx.com/news-releases/news-release-details/statement-moderna-intellectual-property-matters-during-covid-19">announcing on October 8</a> that it would not enforce its patent rights "while the pandemic continues.""We are also willing to license our intellectual property for COVID-19 vaccines to others for the post-pandemic period," the company said.Bancel said after the earnings call that it would take a long time for other companies to start up production of Moderna's vaccine, <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/moderna-raises-2021-sales-forecast-covid-19-vaccine-192-bln-2021-05-06/">Reuters reported</a>."They will have to go run a clinical trial, get the data, get the product approved and scale manufacturing. This does not happen in six or 12 or 18 months," Bancel said.<a href="https://www.bloomberg.com/news/articles/2021-05-07/spain-backs-ip-waivers-for-vaccines-ahead-of-eu-leaders-summit?sref=FSjtyMb8">Spain on Friday</a> said it supported the US proposal to waive the IP rights. However, other stakeholders have objected to the idea.Germany said on Thursday <a href="https://www.businessinsider.com/germany-objects-biden-support-covid-vaccine-patent-waiver-2021-5">that it could not support a waiver</a>, with a government spokeswoman telling Reuters "the protection of intellectual property is a source of innovation and must remain so in the future."Albert Bourla, the CEO of Pfizer, also <a href="https://www.timesofisrael.com/pfizer-head-bourla-says-hes-not-at-all-in-favor-of-us-vaccine-patent-waiver/">told Agence France-Presse</a> on Thursday that he was "not at all" in favor of an IP waiver.On Wednesday, Moderna's stock dipped following the US announcement, but Matthew Harrison, an equity research analyst at Morgan Stanley, said in a note published Thursday that Moderna will face little financial impact if a waiver is passed, as <a href="https://markets.businessinsider.com/news/stocks/moderna-stocks-biden-vaccine-waiver-covid-support-pfizer-biontech-2021-5-1030398298">Insider's Carla Mozée reported</a> Thursday. Harrison also said the <keyword id="6357761" type="UNKNOWN" weightage="60" keywordseo="WTO">WTO</keyword> doesn't have a way to to force Moderna to teach others how to make its vaccine, per Markets Insider.

Moderna's CEO said he 'didn't lose a minute of sleep' over the US support for waiving patents for COVID-19 vaccines

<ul class="summary-list"><li>The Trump administration plans to call for a "broad reset" of World <keyword id="44844" type="ORGANIZATION" weightage="60" keywordseo="Trade">Trade</keyword> Organization tariffs in its latest conflict with the global authority.</li><li>The US levies a mere 3.4% average rate, while the European Union and China charge 5.1% and 10%, respectively, under <keyword id="6357761" type="UNKNOWN" weightage="60" keywordseo="WTO">WTO</keyword> rule.</li><li>The organization's tariff rates "no longer reflect members' policy choices and economic conditions," <keyword id="9418137" type="UNKNOWN" weightage="60" keywordseo="us-trade-representative-robert-lighthizer">US trade representative Robert Lighthizer</keyword> said in prepared remarks seen by <a href="https://www.bloomberg.com/news/articles/2020-06-17/u-s-plans-a-broader-reset-of-its-wto-tariff-committments?cmpid=BBD061720_MKT&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=200617&amp;utm_campaign=marketscampaign=markets">Bloomberg</a>.</li><li>The WTO's action also prevents "the United States from taking action to address unfair trade practices that hurt US workers," he said.</li></ul>The <keyword id="6356037" type="ORGANIZATION" weightage="60" keywordseo="white-house">White House</keyword> plans to escalate its tensions with the World Trade Organization by calling for a "broad reset" of its global tariff rates, US trade representative <keyword id="3975710" type="PERSON" weightage="60" keywordseo="robert-lighthizer">Robert Lighthizer</keyword> is set to tell House representatives on Wednesday.The Trump administration has long butted heads with the WTO, repeatedly accusing the organization of charging unfair duties to US exporters. The White House plans to argue that a reset is needed to level the playing field and bring other developed economies' rates more in line with the US's."Currently, outdated tariff determinations are locked in place that no longer reflect members' policy choices and economic conditions," Lighthizer said in prepared remarks seen by <a href="https://www.bloomberg.com/news/articles/2020-06-17/u-s-plans-a-broader-reset-of-its-wto-tariff-committments?cmpid=BBD061720_MKT&amp;utm_medium=email&amp;utm_source=newsletter&amp;utm_term=200617&amp;utm_campaign=marketscampaign=markets">Bloomberg</a>. "Many countries with large and developed economies maintain very high bound tariff rates, far above those levied by the United States."The US's average rate sits at 3.4%, among the world's lowest. For comparison, the European Union's is 5.1% and China's is 10%. India holds the highest, at 51%. The WTO and its tariff policies "created new obligations out of thin air, preventing the United States from taking action to address unfair trade practices that hurt US workers," the trade representative said.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-topranked-investors-dennis-lynch-kristian-heugh-2020-6">Wall Street's best US and international stock-pickers have tripled their clients' money since 2010. The duo break down 5 future-proof companies that will keep investors ahead of the pack through 2030.</a>Lighthizer is expected to deliver his statement to the House Ways and Means Committee Wednesday afternoon. He will highlight that the US is moving forward in trade talks with the EU, Britain, China, Japan, and Kenya, and that the tariff rate disparity sets the country up for failure when seeking fair deals.The WTO and its tariff policies "created new obligations out of thin air, preventing the United States from taking action to address unfair trade practices that hurt US workers," the trade representative said.The proposed tariff overhaul arrives as the coronavirus pandemic tanks US trade activity. The nation's goods and services deficit widened to $49.4 billion in April as manufacturing and global travel froze. US exports tanked 20.5%, its biggest decline in data going back to 1992. Imports posted a record decline of 13.7%.President Donald Trump campaigned heavily on a desire to boost national trade, yet the combination of the US-China trade war and the coronavirus have all but stifled such hopes.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-small-companies-with-strong-balance-sheets-2020-6">BANK OF AMERICA: Buy these 13 cheap stocks that have unexpectedly strong finances, making them great bets for the next phase of the rally</a>

You Searched For "wto" and got 9 results

Global trade will fall this year amid slower growth and Red Sea turmoil, WTO official says

Yuheng Zhan

The weaponization of the dollar will reverse globalization and kill the WTO, it was warned. That's a real threat today as dedollarization gathers force.

Zahra Tayeb

Make coronavirus vaccines patent-free, former world leaders urge Biden

Charles Davis

WTO trade index hits a record low, signals that a global V-shaped recovery is unlikely

Carmen Reinicke

China loses WTO dispute against EU for market economy status

IANS

Trump warns of backlash if the EU levies around $4 billion in tariffs after WTO ruling

Saloni Sardana

The WTO has ruled the EU can impose around $4 billion in tariffs on US goods in retaliation for Boeing subsidies

Saloni Sardana

Moderna's CEO said he 'didn't lose a minute of sleep' over the US support for waiving patents for COVID-19 vaccines

Bill Bostock

The White House steps up trade aggression, calls for 'broader reset' of global tariffs

Ben Winck

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