A trade accord that will boost global exports by $1 trillion should come into force within two weeks, the head of WTO says, just as the rhetoric of U.S. President Donald Trump clouds the outlook for global trade. Ivor Bennett reports.
As some barriers go up, others are come down. The WTO unveiling a new multilateral trade deal it says will boost global exports by 1 trillion dollars. No prizes for guessing the topic of conversation. (SOUNDBITE) (English) WORLD TRADE ORGANIZATION DIRECTOR GENERAL, ROBERTO AZEVEDO SAYING: "The problem with a trade war is ignoring the system, is doing things completely outside the disciplines, the rules and not even paying attention to any of that." But it does mean the world is paying attention to Donald Trump. Theresa May joked that opposites attract ahead her meeting with the new President Hoping to put Britain at the front of the queue when it comes to doing business. SOUNDBITE (English) JEREMY STRETCH, HEAD OF FX STRATEGY, CIBC, SAYING: "He continues to talk about winning trade deals, so i.e. the US will get the better end of any deals. So I think that's going to be an interesting element to any discussions." But it's hard to pick a winner from his dealings with Mexico. 'Mexico has taken advantage of the U.S. for long enough' he tweeted on Friday. The latest barb in a rapidly deteriorating relationship. Trump's team earlier suggesting it would make Mexico pay for a border wall by taxing imports by 20 percent. (SOUNDBITE) (Spanish) FOREIGN MINISTER OF MEXICO, LUIS VIDEGARAY, SAYING: "A tax on American imports of Mexican products, isn't a way to get Mexico to pay for a wall. It is the American consumer who would be paying." He's still only a week into the job though and some are giving him the benefit of the doubt.... SOUNDBITE (English) JEREMY STRETCH, HEAD OF FX STRATEGY, CIBC, SAYING: "I think in a sense we need to differentiate between rhetoric and/or practical policy implementation because I think we're still in the rhetorical phase at this juncture." But others see only harsh reality. Japan says it's preparing for all possible contingencies after Trump ditched the Trans Pacific free trade deal as one of his first acts in office.