The Treaty of Amsterdam aims to clarify the situation by making available to the Union the means to extend, if necessary, the common trade policy to services and intellectual property rights. It should be noted, however, that the US trade deficit of $295 billion with China exaggerates the real bilateral imbalance with China. Global activities have changed since the U.S. trade statistics collection system was developed; Today, many products are manufactured by companies that have huge global supply chains compared to the old model of companies that typically manufacture a finished product with raw materials from the same nation. Many U.S. imports from China are products made with raw materials and components purchased worldwide. While [the IMF and WTO] have embarked on a common vision of a liberal global trading system, their approaches to trade liberalization are fundamentally different . . . The WTO approach involves mutual liberalization through multilateral negotiations supported by a dispute settlement mechanism.
The IMF aims to support best practices – trade policy (but not the outcome of mutual negotiations) which it sees as enhancing efficiency and stability. In addition, the WTO provides its developing countries with more leeway for the phase-in phase of global agreements, while the IMF strives to apply economic principles consistently to its members, albeit with a muscular strength related to whether a country has a loan agreement.  Trade liberalization has also been fostered by bilateral and regional free trade agreements negotiated by the United States and other countries, as described in Chapter 2. These were authorized under the original GATT, although it was not originally intended that such agreements would be very important. The first agreement for the United States, as I have already said, was the 1985 agreement with Israel, and today the United States has such agreements with twenty countries. Other countries and the European Union have many similar agreements and today a significant part of world trade takes place within the framework of these free trade agreements. Even in the absence of the constraints imposed by the most favoured nation and national treatment clauses, it is sometimes easier to obtain general multilateral agreements than separate bilateral agreements. In many cases, the potential loss resulting from a concession to a country is almost as great as that which would result from a similar concession to many countries. The benefits to the most efficient producers from global tariff reductions are significant enough to warrant substantial concessions. Since the implementation of the General Agreement on Tariffs and Trade (GATT, 1948) and its successor, the World Trade Organization (WTO, 1995), global tariffs have declined considerably and world trade has increased. The WTO contains provisions on reciprocity, the status of the most favoured nation and the domestic treatment of non-tariff restrictions.
She has been involved in the architecture of the most comprehensive and important multilateral trade agreements of modern times.