World Trade Organization

The World Trade Organization (WTO) is an international organization that regulates international trade. It was formed in 1995, succeeding the General Agreement on Tariffs and Trade (GATT). The WTO's core principles include non-discrimination (most-favored nation treatment) and the promotion of free trade through the reduction of tariffs and other trade barriers. Recent news highlights challenges to these principles. The US and EU are proposing reforms that could weaken the non-discrimination principle, while China defends it. The WTO also ruled against the US in a dispute brought by China over green energy subsidies. Rising trade tensions, particularly between the US and China, and increasing protectionism, as seen in the UK's expected reduction of tariff-free steel imports, are putting pressure on the WTO system. The organization's relevance is underscored by its role in resolving trade disputes and its potential impact on global supply chains and economic stability.