BloombergEurope is arming itself for a more lawless world of trade — and the bloc’s sights are on the US. European Commissioner for Trade Phil Hogan on Thursday sought an upgrade to EU legislation on enforcing international commercial rules. His proposal would allow the EU to impose sanctions against countries that illegally restrict commerce and simultaneously block the WTO’s dispute-settlement process. Trump has also sought to restrict European trade with Iran after pulling out of an international agreement to control the country’s nuclear activities and backed out of a landmark UN accord to fight climate change. The proposal from Hogan — an amendment to 2014 European legislation — would effectively serve as a third line of defense for the EU, as it seeks to uphold the WTO system.

Source: Taipei Times December 12, 2019 15:56 UTC