WTO predicts worldwide decline in goods trading – Diepresse.com
The situation could escalate to an customs war with possible retaliation, which then further affects the trade, warns the WTO boss.
The world trade organization (WTO) fears a decline in global goods by one percent due to the planned and already introduced US tariffs. This corresponds to a correction of the latest forecast by 4 percentage points, said WTO boss Ngozi Okonjo-Iweala in Geneva. She said deeply concerned. The situation could escalate to an customs war with possible retaliation measures, which then further affects the trade.
She recalled that the majority of world trade continue to take place according to the negotiated WTO rules. This trade is around 74 percent after 80 percent at the beginning of the year – before the occurrence of US President Donald Trump.
« Commercial measures of this size have the potential to lead to significant diversions of the commercial currents, » she also warned. « I call on the member countries to deal responsibly with the resulting pressure in order to prevent the trade voltages from expanding. » Among other things, the EU has justified its own planned tariffs that it must protect itself from it that goods that are no longer delivered to the United States end up in the EU to a large extent. (APA)
