Global trade is in a historical crisis

Director-General of the WTO, Ngozi Okonjo-Iweala (71), believes that planet trade has been experiencing the top crisis since the end of planet War II. "We are presently experiencing the worst disruptions in 80 years," said the German paper Die Welt. Nevertheless, almost 3 quarters of planet trade in goods continues to take place in accordance with WTO rules, added Nigerian economist. "The vast majority of members apply our rules," Okonjo-Iweala said. "Not everything is broken."

In fresh months US president Donald Trump (79) has imposed duties on many countries around the world, possibly violating WTO rules. Okonjo-Iweala, however, defended the States United States and even saw them as the driving force of the essential changes. "We value the United States as a associate and we are glad to be part of it," she said. "It is good that WTO members are now – possibly different than before – ready to undertake hard reforms".

War with Iran it is presently causing a sharp emergence in oil prices. 1 of the main reasons is that Iran effectively closed the Ormuz Strait after the US and Israel attacks. usually 20 percent of the world's supply of oil and gas flows through the Strait between Iran and Oman.