Foreign Policy Live FP at MSC: How to Navigate a Trade War
Feb 13, 2026
Thom Tillis, U.S. senator and free-trade conservative, critiques tariff advisers and defends fair trade. Lars Klingbeil, German vice chancellor and finance minister, urges European sovereignty and outreach to the Global South. Alexander Stubb, Finland’s president and pro-multilateralist, pushes European cooperation and values-based realism. Ngozi Okonjo-Iweala, WTO chief and former finance minister, discusses WTO resilience and the need for reform.
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WTO Is Battered But Still Holds
- Ngozi Okonjo-Iweala argues the WTO system is battered but resilient, with 72% of world goods trade still on WTO terms.
- She warns the system needs reform to become robust, not just lamentation over unilateral U.S. actions.
Tariffs Are More Than Economics
- Ngozi cautions that tariffs intersect with security, immigration, and energy, so responses must be measured not reflexive.
- She emphasizes history's lesson from the 1930s and urges dialogue over immediate tit-for-tat retaliation.
Small States Should Lean Into Blocs
- Alexander Stubb urges smaller states to join or lean into blocs like the EU to gain protection and negotiating power.
- He recommends supporting multilateral institutions like the WTO and hedging by diversifying trade partners.