Trump vs. the WTO

Winners: Donald “Tariff Man” Trump (his words) can now impose whatever tariffs he likes, without fear that the WTO might find them to be illegal.

Losers: Britain in particular stands to be a big loser post-Brexit, since WTO rules are the backstop default option in the event of a “hard Brexit.” If those rules are worthless, Britain will have even less negotiating leverage against trading partners like the U.S. and the EU.

Reality check: As Eurasia Group president Ian Bremmer tells Axios, “multilateral institutions really resist dismantling.” When Americans see that other countries — like Germany and Canada — have preferential access to Japan’s markets while they don’t, they are going to demand a leveling of the playing field.