Abstract
Left from China in December 2019, the COVID-19 became a pandemic causing many casualties on all continents in addition to its devastating effects on the running of the world economy. The palpable impacts of the economic crisis that erupted in the early hours of 2020 have been exceptional since the Second World War. In this straight line, we can enumerate the fall in world production, the recession of the French economy following a slowdown over one semester, the rise in unemployment in the United States (14.7%) in May 2020, a number of countries affected by the crisis and the debt service moratorium called for by African countries. This situation has necessitated the release of huge sums of money by central bankers and governments to support economic sectors. This COVID risks complicating global governance, which is already undermined by the recurrence of trade wars between Nation-States. The objective of this paper was therefore to reflect on the consequences of this crisis on world trade in particular, the trade tensions, repressions and retaliation that the pandemic will provoke. The study reviewed the theories of economic protectionism, the arguments of geopolitics and the analysis of World Trade Organization data. This descriptive approach reveals the causes of trade wars and hightlights the protagonists and the resulting negative consequences on the volume of trade in terms of supply reduction and price increases due to protectionist trends. Overall, it appears in this work that the advent of the COVID accelerates the global decline in addition to its health victims all over the world. Basically, an improvement in global governance is recommended to mitigate the devasting effects of the COVID-19 pandemic.
Highlights
All analysts are expecting an unprecedented recession [2] since the Second World War as the shock of the pandemic and the containment measures induce a dramatic drop in production
The World Trade Organization is the best illustration of the coordinating body and international negotiation [1]
It is desirable to put the world trade organization [15] back in its place to anticipate and resolve conflicts before they get stuck in time between the great powers
Summary
All analysts are expecting an unprecedented recession [2] since the Second World War as the shock of the pandemic and the containment measures induce a dramatic drop in production. In some countries, this reduction has been in addition to the negative impacts of the 2008 financial crisis, and the deterioration of public finance management like in Greece. The developed states are obliged to financially support «via subsidies and loans at reduced rates or no ", some sectors to take off again. This is the case of aeronautics, tourism and industry in France to illustrate
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