WTO crucial for resolving global trade tensions, says Italian economist
ROME: The escalating global tariff tensions, spearheaded by the United States, must be resolved through the World Trade Organisation (WTO) to ensure fairness and stability, according to Italian economist Mario Tirelli.
Speaking to Xinhua, Tirelli, a professor of economics at the University of Roma Tre, warned that the US-initiated trade disputes now impact nearly all major economies, including the European Union (EU), creating significant market uncertainty.
'This is bad for the EU,' he said, highlighting machinery and transportation equipment as the hardest-hit sectors, accounting for nearly 40 per cent of EU exports to the US in 2024.
Tirelli criticised the Trump administration's unilateral trade policies, calling them a rejection of multilateralism.
'We must return negotiations to multilateral platforms like the WTO, where concerns can be addressed openly,' he stressed.
With the US disengaging from global trade bodies, he urged the EU, China, and other nations to collaborate in upholding the multilateral system, potentially pressuring Washington to rejoin constructive talks.
Despite challenges, Tirelli, a game theory expert, argued that the EU retains bargaining power if member states remain united. 'European countries must understand that division weakens their negotiation strength,' he said.
He also emphasised the strategic value of EU-China cooperation, particularly as the two mark 50 years of diplomatic relations.
Trade with China, he noted, offers the EU competitive advantages in green energy sectors like electric vehicles, while China could benefit from EU expertise in aerospace and fintech.
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