IMF and WTO argue for open trade, but warn displaced workers need more help
Washington — Global trade has brought benefits from increased productivity to lower prices but governments have not adequately helped workers and communities hit hard by imports, the world’s top multilateral economic institutions said on Monday. In a report that serves as their answer to the Trump administration’s more protectionist trade stance, the International Monetary Fund, World Trade Organisation and World Bank said that an open trading system based on well-enforced rules was critical to world prosperity. The institutions, which have promoted free trade for decades, cited research showing that manufacturing regions that were more exposed to imports from China since about 2000 saw "significant and persistent losses in jobs and earnings, falling most heavily on low-skilled workers". It described what US President Donald Trump had called the "forgotten Americans" who he wanted to serve with his "America First" trade policies. "Workers displaced from manufacturing tend to be olde...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.