Tariff war could cut US-China goods trade by 80 percent: WTO chief
- On Wednesday, the WTO chief addressed the potential economic damage of the US-China tariff war.
- Escalating trade tensions between the US and China raised fears of an economic downturn.
- President Trump increased tariffs on Chinese goods while pausing increases for other countries.
- Okonjo-Iweala stated merchandise trade between economies could decrease by 80 percent.
- Okonjo-Iweala urged cooperation to preserve the international trading system and avoid economic fragmentation.
143 Articles
143 Articles
A war of nerves sets in between the US and China, with trade already hit
As the two nations engage in an escalation of tariff measures, their trade has already begun to plummet. While Beijing has long been preparing to decouple from the American economy, its exporters are suffering.
According to the US delegation that participated in the meeting of the Council for Trade in Goods, the US "is not modifying or canceling its commitments or tariff limits within the WTO". Rather, the US delegation argued, the US executive is taking the necessary measures to protect its essential security interests that have been compromised by the decline of essential supply chains caused, in turn, by "atrophying US production capacity", writes A…
'Made in HK' offers great value to the world, with zero tariffs
As world trade dynamics shift amid an escalating US-China trade war, could this be a blessing in disguise for Hong Kong? China and Hong Kong are separate customs territories under the World Trade Organization. Although the United States has slapped 125 percent duties on Chinese goods, Hong Kong as...
US-China trade war could slash bilateral trade by 80%, split global economy
”Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80%” The post US-China trade war could slash bilateral trade by 80%, split global economy – WTO appeared first on Premium Times Nigeria.
China called on the United States on Thursday to reach a "half-way" agreement to end the trade war between the two nations, following the announcement of the temporary suspension of the new tariffs to dozens of countries by Donald Trump. Read more]]>
China's entry into the WTO was the event with the greatest economic consequence in decades. It wasn't long before the central countries of the West found themselves in the position of having to stop the perceived bleeding.
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