7 hours agoWTO: Trump tariffs will reverse world trade this year
Periskopi(a year ago)
(a year ago)The World Trade Organisation (OBT) has warned that US President Donald Trump's tariffs will overturn international trade this year, reducing global economic growth. The Geneva-based institution says it had previously expected the trade of goods to expand by 2.7% this year. But now as a result of [...] commercial policy
The World Trade Organisation (OBT) has warned that US President Donald Trump's tariffs will overturn international trade this year, reducing global economic growth.
The Geneva-based institution says it had previously expected the trade of goods to expand by 2.7% this year. But now as a result of Washington's trade policy, the WTO forecasts a 0.2% drop, reports The Guardian.
Presenting the predictions, WTO Director General Ngozi Ikonjo Iweala, has said she is particularly concerned about “secession” between the US and China.
She has said that trade between the two geopolic rivals was expected to drop by 81% yeah 91% without exceptions to technological products such as intelligent phones, saying this would have <x0) large consequences”.
“The perspective on global trade has deteriorated significantly due to the increase in tariffs and trade policy uncertainty,” warns WTO.
It had previously projected global GDP growth of 2.8% for 2025, but now expects a weaker 2.2% increase.
The US has set 10% tariffs for all imports, with much higher rates for China reaching 145%, and in specific sectors including cars and steel. /Periscope
