Although global trade has recovered to pre-pandemic levels, the recovery is uneven, especially in South Asia and other emerging markets, and trade in services is lagging. Besides, pre-pandemic trade growth had become sluggish. It helps that the Biden administration has committed to a “worker-centric" trade agenda, which would ensure that the benefits of global trade benefit US workers. The Trade Promotion Authority, under which trade agreements can be ratified faster under US law, expired on 1 June. In addition, there are global trade and investment distortions in areas such as tariffs, farm and industrial subsidies, and services trade, where risks have risen of counter-tariff races.

Source: Mint July 14, 2021 16:07 UTC