(3 Minutes Read)
The WTO now projects that global goods trade could shrink by 1 per cent in 2025—a stark reversal from earlier growth forecasts. Director-General Ngozi Okonjo-Iweala warns these tariffs could spark a trade war, with countries retaliating and further disrupting global markets.
The World Trade Organization and the International Monetary Fund are concerned about the economic fallout of new U.S. tariffs introduced by the Trump administration.
The WTO now projects that global goods trade could shrink by 1 per cent in 2025—a stark reversal from earlier growth forecasts. Director-General Ngozi Okonjo-Iweala warns these tariffs could spark a trade war, with countries retaliating and further disrupting global markets.
Meanwhile, IMF Chief Kristalina Georgieva echoed similar concerns, saying these measures pose a serious risk to global economic stability, especially at a time of sluggish growth.
Read Also:
https://trendsnafrica.com/decoding-trumps-liberation-day-tariffs-an-impact-analysis-on-africa/
The new tariffs, set to take effect Saturday, include a 10 percent baseline on all imports, with additional levies targeting nations with large trade deficits. Both organisations urge the U.S. and its trading partners to resolve trade tensions to avoid economic uncertainty.
