The Trade War Between United States And China And The World Trade Organisation Dispute Settlement Mechanism
Himanshu Singh, Christ, Deemed To Be University
ABSTRACT
The concept that is being mentioned in this research paper talks about the one-side measure that has been taken by the contenders of the trade dispute i.e., being United States and The Republic of China that simply tells about the mistrust that their actions reflect as they did the same in order to prevent economic losses. What this paper concludes in terms of its discovery is that there should exist the concept of retrospective monetary remedy to prevent a same kind of war in terms of trade from happening again and this would, it turn, keep the Dispute Settlement under the World Trade Organisation from getting out of service.
The two contenders employed "selfhelp" instead of referring the World Trade Organization (WTO) dispute settlement as judge and effectively bypassing the WTO as an adjudicator in trade disputes. This paper examines the shortcomings of the settlement system and the urgent need for a retroactive remedy. The paper takes into consideration an approach of analysis of the World Trade Dispute Settlement that was being violated by the ways of domestic violation that were relied upon by the countries.
This paper concludes that the trade war's unilateral and protectionist actions can be linked to a loss of trust in WTO remedies to redress members' retroactive economic losses. This finding can be used to argue for the inclusion of a retrospective money remedy to prevent a similar trade war from occurring again and to keep the WTO from becoming dysfunctional. This paper puts a focus on the current lacunas in the dispute settlement system and provides for an immediate realisation in the World Trade Organisation settlement system in order to keep away with a repeat of another distortion in the international trade system.
Keywords: Unilateralism, International Trade, US-China Trade War, Reforms for WTO dispute settlement system
