Ngozi Okonjo-Iweala, the Director General of the World Trade Organization, WTO, issued a stern warning on Thursday, January 23, against any reciprocated trade wars prompted by the United States, US, and President Donald Trump’s tariff threats on different countries....Read Full Article >>➤
Urging other states to refrain from responding in kind to Trump, Okonjo-Iweala called such a potential situation ”catastrophic.’’ Her comment came after Trump threatened trade wars against Russia over the battle in Ukraine.
Okonjo-Iweala speaking during the World Economic Forum annual meeting at the Swiss resort of Davos said: “If we have tit-for-tat retaliation, whether it’s 25% tariff (or) 60% and we go to where we were in the 1930s we’re going to see double-digit global GDP losses. That’s catastrophic. Everyone will pay.”
Referencing the two World Wars when countries adopted trade restrictions in response to a US tariff act in 1930.
“We’ve seen this movie, as I said, elsewhere in the 1930s with the Smoot-Hawley Act. It made it worse,” she said.
“We’re very much saying to our members at the WTO, you have other avenues, even if a tariff is levied, please keep calm.” ...Read Full Article >>➤
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