The international trading order is confronting its deepest crisis to date. The threat of a global trade war has been looming over us. Some now believe it is time to pull the plug on 70 years of trade diplomacy and pursue trade goals by other means. There is no doubt that if this happens, it will be the public that takes the hit.

Hard facts cannot be wished away. It does not matter how powerful a nation is. Trade wars encourage predatory state behaviour. They lead to higher taxes, reduce consumer choice and hamper economic freedom, and they are not easy to win. The result is trade controlled by governments, instead of companies and consumers making decisions in their own interests.

Since its creation, the World Trade Organization, as well as enabling open, rules-based trade, has helped bring millions of people out of poverty. Open trade creates jobs. It spurs growth and the free exchange of ideas between nations and cements peace.