WTO reform is going to be the story of the years ahead

All the trade battles around the world are heading for a battle royale at the WTO. The organization's rules are the backbone for global trade and when Trump inevitably loses a case their, that's where he's going to redirect his ire.

If Republicans hold Congress through the midterms, Trump may try to blow up the WTO via US withdrawal. If not it may never get to that point.

Bloomberg reports today that Canada is trying to rally like-minded countries around proposals to get ahead of the US and reform it before it's blown up. They've prepared a draft of reforms called "Strengthening and Modernizing the WTO" which is aimed partly and discouraging protectionism.

Lower level global officials are scheduled to meet about it on Sept 20 with ministers to meet Oct 24-25.

A big problem at the moment is that the dispute resolution process is slow and that it's not working properly because the US has blocked the re-appointment of a WTO appellate body member. If the U.S. continues its hold, the body will be paralyzed by late 2019 because it will lack the three panelists required to sign off on rulings.

Bloomberg has more.