Latest news with #MarioTirelli
New Straits Times
19 hours ago
- Business
- New Straits Times
WTO key to resolving global trade tensions, says economist
ROME: The global tariff tensions initiated by the United States should be addressed through the multilateral platform of the World Trade Organisation (WTO), an Italian economics expert has said. Mario Tirelli, a professor of economics at the University of Roma Tre, told Xinhua on Friday that the current US-led trade disputes have broadened to affect nearly the entire world, including the European Union (EU), and are causing heightened uncertainty, something he described as "bad for the EU." "The most important sectors of international trade between the EU and the US are machinery and transportation equipment, which accounted for nearly 40 per cent of all EU exports to the US in 2024," Tirelli noted. These sectors, he added, are among the most severely affected by the newly imposed tariffs. He criticised the Trump administration's approach to trade relations, describing it as fundamentally opposed to multilateralism. "We have to try to move this type of negotiation back to multilateral platforms," he said, adding that the WTO remains the ideal venue where countries' concerns can be addressed openly and fairly. As the US has shown declining interest in supporting multilateral institutions such as the WTO, Tirelli called on the EU, China, and other like-minded countries to work together to uphold the multilateral framework. He said this collective support could serve as leverage to encourage the US to return to multilateral negotiations. As a professor of game theory, Tirelli acknowledged that reaching a trade agreement between the EU and the US would be difficult but emphasised that the EU is not necessarily in a weak position, provided its member states maintain unity. "European countries have to understand that negotiation power will be really weak if they are divided," he said. Tirelli also highlighted the importance of maintaining cooperation between China and the EU, noting that the 50th anniversary of EU-China diplomatic ties presents an opportunity to deepen bilateral trade and investment. "Through trade with China, the EU can achieve highly competitive gains in sectors like green energy, including electric batteries and cars," he said.
The Sun
21 hours ago
- Business
- The Sun
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.
United News of India
21 hours ago
- Business
- United News of India
WTO key to resolving global trade tensions: Italian economist
Rome, June 29 (UNI) The global tariff tensions initiated by the United States (U.S.) should be addressed through the multilateral platform of the World Trade Organization (WTO), an Italian economics expert has said. Mario Tirelli, a professor of economics at the University of Roma Tre, said on Friday that the current U.S.-led trade disputes have broadened to affect nearly the entire world, including the European Union (EU), and are causing heightened uncertainty, something he described as "bad for the EU." "The most important sectors of international trade between the EU and the U.S. are machinery and transportation equipment, which accounted for nearly 40 percent of all EU exports to the U.S. in 2024," Tirelli noted. These sectors, he added, are among the most severely affected by the newly imposed tariffs. He criticized the Trump administration's approach to trade relations, describing it as fundamentally opposed to multilateralism. "We have to try to move this type of negotiation back to multilateral platforms," he said, adding that the WTO remains the ideal venue where countries' concerns can be addressed openly and fairly. As the U.S. has shown declining interest in supporting multilateral institutions such as the WTO, Tirelli called on the EU, China, and other like-minded countries to work together to uphold the multilateral framework. He said this collective support could serve as leverage to encourage the U.S. to return to multilateral negotiations. As a professor of game theory, Tirelli acknowledged that reaching a trade agreement between the EU and the U.S. would be difficult, but emphasized that the EU is not necessarily in a weak position, provided its member states maintain unity. "European countries have to understand that negotiation power will be really weak if they are divided," he said. Tirelli also highlighted the importance of maintaining cooperation between China and the EU, noting that the 50th anniversary of EU-China diplomatic ties presents an opportunity to deepen bilateral trade and investment. "Through trade with China, the EU can achieve highly competitive gains in sectors like green energy, including electric batteries and cars," he said. According to Tirelli, China could likewise benefit from the EU's expertise in areas such as aerospace, machinery, and financial technology, sectors he views as critical to China's continued development. UNI/XINHUA BM
