The underlying issue was the victory of the WTO. I’ve written about the WTO for many years. The WTO is one of the greatest human creations since the millennia-old international agreement to provide diplomats with immunity. (Of course, Iran violated that core agreement of humanity only a few decades ago.)
The WTO ruled five years ago that the U.S. was illegally subsidizing Microsoft, Boeing and a few other corporations. It took five years to review, test and finally enforce that WTO decision.
The most powerful body in the world, the U.S. Congress, has now bowed down beneath the wisdom and brilliant enforcement mechanisms of the WTO. Congress capitulated two days ago. Commerce loves the WTO.
No greater problem could face the WTO in the future. The WTO now stands as the preeminent masterpiece of human institutional creation. I’m not exaggerating in the least.