The Global Trade Picture from Washington

A retreat into trade protectionism after October 2008 is the dangerous dog that did not bite the international economy. Contrary to what might have been expected, the severe economic dislocations of the fi nancial crisis have not led to a wholesale retrenchment in international trade. The World Trade Organization (WTO), established as a safety break against unsavory domestic political instincts, can claim a solid victory. It militated against the recoil of countries behind high tariff walls.