US EditionGlobal trade system risks coming off the rails: UN chief
- On Oct 22, UN Secretary-General Antonio Guterres warned the rules-based international trade system is in danger as the 195 member states gathered at UNCTAD in Geneva.
- The U.S. administration imposed wide-ranging tariffs on multiple nations, and on August 7, President Donald Trump raised duties on dozens of imports, triggering global trade tensions.
- Supply chains are in turmoil, and trade barriers are rising, with some least-developed countries facing extortionate tariffs of 40% despite representing barely 1% of global trade flows, Guterres said.
- Developing countries face a debt crisis that traps them in repayment burdens, affecting 3.4 billion people while Annalena Baerbock said debt reached $31 billion in 2024.
- To address financing gaps, Guterres launched the Sevilla Forum on Debt on Oct 22, while officials urged reform of the WTO and financial institutions representing 72 percent of global trade.
33 Articles
33 Articles
Global trade system risks coming off the rails
Read: 2 min The rules-based international trade system is in danger, UN chief Antonio Guterres warned Wednesday, amid spiralling debt, heavy tariffs and financial insecurity for emerging nations. Guterres said too many countries were trapped in a debt crisis, spending more money on servicing creditors than funding health and education. “Global debt has soared. Poverty and hunger are still with us. The international financial architecture is not …
Global trade system 'at risk of derailment': UN chief
The future of international trade is under serious threat, as pointed out by UN leader Antonio Guterres. He warns that escalating debt levels and punitive tariffs are crippling developing economies. Many are unable to finance essential services like healthcare and education due to overwhelming debt. Compounding the crisis are growing geopolitical rifts and the urgent challenges posed by climate change.
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