Abstract
Abstract Chapter 3 describes the rise and fall of the World Trade Organization (WTO) dispute settlement system resulting from the neo-liberal assault on the WTO legal and dispute settlement system by the US Trump administration. The breakdown of the compulsory WTO dispute settlement system since December 2019 also impedes WTO reforms responding to the regulatory challenges of China’s state capitalism, climate change, and global health pandemics. Economic disintegration (e.g. due to the US–China trade wars, related dismantling of global value chains) and regulatory competition among North American, European, and Asian trading regimes risk disrupting the rules-based, global trading community, WTO law, and UN law. The protectionist policies of the US Biden administration render it doubtful whether the WTO dispute settlement system and transnational rule of law can be restored in international trade. Without a functioning WTO dispute settlement system, divergent climate change mitigation measures (like carbon taxes and carbon border adjustment measures) risk provoking trade conflicts and trade distortions.
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