WTO warns of major global trade impact from US tariffs announcement

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WTO warns of major global trade impact from US tariffs announcement - Business Standard

Quick Summary:

WTO on Thursday said the measures announced by the United States will have substantial implications for world trade and economic growth prospects, and could lead to an overall contraction of around 1 per cent in global merchandise trade volumes this year.

In a statement, Director-General of the the World Trade Organisation (WTO) Ngozi Okonjo-Iweala said the WTO Secretariat is closely monitoring and analysing measures announced by the United States on April 2.

"Many members have reached out to us and we are actively engaging with them in response to their questions about the potential impact on their economies and the global trading system," she said, adding that the recent announcements will have substantial implications for global trade and economic growth prospects.