(W.E. Talk) Fmr. World Bank VP: “Reciprocal Tariffs” undermine multilateralism and could revive the destructive pattern in the 1930s

Otaviano Canuto, Senior fellow at the Policy Center for the New South and former vice president and executive director at the World Bank, stated during the latest W.E. Talk that "reciprocal tariffs" undermine multilateralism and run against the non-discrimination and most favored nation principles of the WTO.

Canuto further warned that "reciprocal tariffs" could revive the destructive pattern back in the 1930s. Supply chains could fragment, harming global economic stability, and smaller economies reliant on predictable trade terms would suffer the most.

Canuto called for countries to come back to the table and rebuild up the multilateral system. (Chen Tianhao)