WTO: Trump's tariffs could shrink trade by 1
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According to the head of the WTO, the US tariffs will have "substantial implications" for trade and the world economy. Ngozi Okonjo-Iweala said in Geneva on Thursday that the tariffs are expected to reduce the volume of goods by around 1% this year.
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This initial assessment by the World Trade Organisation (WTO) combines both the latest tariffs announced on Wednesday by US President Donald Trump and those already relayed since his return to power at the end of January. Previously, the organisation was expecting a 3% increase in the volume of goods this year.
Despite this, three quarters of world trade is still conducted under the WTO’s most-favoured-nation rules, insists the WTO Director-General. However, this share has fallen by a few percentage points since the beginning of January.
Ngozi once again called on the member states to engage in dialogue to resolve their differences, and to be “responsible” in their responses to the pressure of the American tariffs. Many of them have contacted the organisation.
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Adapted from French by DeepL/ac
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