Risks and opportunities for world trade

The news today is dominated by trade issues in a way not seen since perhaps the clash between the United States and Japan in the 1980s. The headlines point to a trade war between the United States and China, and strained trade relations between South Korea and Japan. The trading system has not delivered new multilateral agreements during the last five years. The WTO dispute-settlement system appears to be breaking down. It appears to be getting easier to depart from international agreements.