Then someone should take the case to the WTO Appellate Body(0), unfortunately Trump and Biden have blocked appointments to it since 2019, so WTO rules cannot be enforced.
There are a million ways to cheat trade, the WTO was created to handle small disputes, not large structural imbalances. International Law was highly flawed in that regard owing back to Bretton Woods.
But of course it benefits everyone at the expense of deficit countries, so why change or truly address the literature. Appealing to international law today as such is just appealing to entrenched interests.
But the matter of fact is that in a true free trade regime, imbalances should rebalance back to zero. The fact that the deficit is only growing is more than enough evidence that China is obviously the violators here. And everybody knows this.
Under a multilateral Bancor System which Chinese economists themselves advocated back in 2009, China would have been immediately subjected to massive FX overvaluation to degrade their conpetiveness.
cies|4 months ago
Anyway, the Dutch should then make a law that demands WTO status or smth. As this is NOT nicely applying rule of law.
RobotToaster|4 months ago
(0)https://en.wikipedia.org/wiki/Appellate_Body
corimaith|4 months ago
But of course it benefits everyone at the expense of deficit countries, so why change or truly address the literature. Appealing to international law today as such is just appealing to entrenched interests.
But the matter of fact is that in a true free trade regime, imbalances should rebalance back to zero. The fact that the deficit is only growing is more than enough evidence that China is obviously the violators here. And everybody knows this.
Under a multilateral Bancor System which Chinese economists themselves advocated back in 2009, China would have been immediately subjected to massive FX overvaluation to degrade their conpetiveness.