cthulu23

As China has recently joined the World Trade Organization, they will be forced into compliance with other international trade agreements. The steel tariffs that Bush pushed through a year or two ago were quickly rescinded largely due to pressure from the WTO. I personally despise the WTOs (unelected and undemocratic) power and influence over member countries, but you can expect that some of the most egregious trade policy imbalances will be addressed by it.

Here is a real world example of how the WTO works...France, another member nation, did not want to accept imports of American genetically engineered crops...the US sued through the WTO for restraint of trade and was able to set tariffs on other French products to offset the economic loss (products such as certain cheeses and wines).

Of course, organizations like the WTO and the World Bank have helped to fuel the global race to the bottom for workers, as they make their membership or loans contingent on neo-liberal trade policies and domestic belt tightening. You want a world bank loan? Better cut back production of food crops and start growing exportable commodities, denationalize industry and allow in foreign business and, while you're at it, privatize your water system. This creates an environment where countries compete with one another by lowering standards and pay to attract business, driving down working conditions and expectations globally. This is supply side on a massive scale, and it has done little to better the lot of the denizens of this planet.