{"id":55792,"date":"2025-06-03T20:01:02","date_gmt":"2025-06-03T20:01:02","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor"},"modified":"2025-06-03T20:26:19","modified_gmt":"2025-06-03T20:26:19","slug":"trump-blows-up-global-trade-system-says-bank-governor","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor","title":{"rendered":"Trump Blows Up Global Trade System Says Bank Governor"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>The governor of the Bank of England said Tuesday that the international rules-based trading system that underpinned decades of economic growth has been severely damaged \u2014 largely as a result of Donald Trump\u2019s trade wars.<\/p>\n

Andrew Bailey told MPs on the UK Treasury select committee that the multilateral framework built up since World War II has been \u201cblown up to a considerable degree\u201d by recent US actions, undermining key principles that have long governed global commerce.<\/p>\n

\u201cI\u2019m afraid that system has now, really been blown up to a considerable degree by all of this,\u201d said Bailey, referring to Trump-era trade policies and their aftermath.<\/p>\n

The governor pointed to the erosion of the most-favored nation (MFN) principle, a cornerstone of global trade enshrined in the World Trade Organization (WTO).<\/p>\n

Under MFN, countries agree to treat all trading partners equally, offering the same terms across the board.<\/p>\n

But the US imposition of unilateral tariffs during the Trump administration \u2014 in clear contradiction of MFN rules \u2014 has disrupted the structure.<\/p>\n

\u201cThat has now gone, it just isn\u2019t part of the current picture,\u201d said Bailey. \u201cThat has very serious implications.\u201d<\/p>\n

Bailey explained that the post-war trade system was initially founded through the General Agreement on Tariffs and Trade (GATT), which later evolved into the WTO.<\/p>\n

Over the decades, the framework helped facilitate widespread tariff reductions and fostered international economic cooperation.<\/p>\n

He acknowledged that some of the Trump administration\u2019s criticisms of the system were valid, but how it had been challenged risked serious economic fallout if not addressed.<\/p>\n

\u201cWe can\u2019t say the US administration is just wrong-headed,\u201d he said. \u201cThere are things that have gone on in this whole trade picture which, I think, do point to the stress that that system has been under,\u201d he said.<\/p>\n

Bailey emphasized the need for policymakers to return to the negotiating table and rebuild a credible multilateral system. \u201cIf we abandon it, we\u2019re into a much more difficult world,\u201d he added.<\/p>\n

For More News And Analysis About Mauritius<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. The governor of the Bank of England said Tuesday that the international rules-based trading system that underpinned decades of economic growth has been severely damaged \u2014 largely as a result of Donald Trump\u2019s trade wars. Andrew Bailey told MPs on the UK Treasury select committee that the multilateral framework built up since […]<\/p>\n","protected":false},"author":84,"featured_media":55791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[6293,241],"class_list":["post-55792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-global-trade-system","tag-mauritius"],"yoast_head":"\nTrump Blows Up Global Trade System Says Bank Governor - Mauritius<\/title>\n<meta name=\"description\" content=\"The governor of the Bank of England said Tuesday that the international rules-based trading system that underpinned deca ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trump Blows Up Global Trade System Says Bank Governor\" \/>\n<meta property=\"og:description\" content=\"The governor of the Bank of England said Tuesday that the international rules-based trading system that underpinned deca ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-03T20:01:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-03T20:26:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2025\/06\/sm_1748966089.838066.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Trump Blows Up Global Trade System Says Bank Governor\",\"datePublished\":\"2025-06-03T20:01:02+00:00\",\"dateModified\":\"2025-06-03T20:26:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor\"},\"wordCount\":348,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2025\/06\/sm_1748966089.838066.jpg\",\"keywords\":[\"global trade system\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/trump-blows-up-global-trade-system-says-bank-governor\",\"name\":\"Trump Blows Up Global Trade System Says Bank Governor - 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