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US President Donald Trump’s worldwide tariff salvo could lead to an overall contraction of around 1 percent in global merchandise trade volumes this year, the WTO chief warned Thursday.After Trump on Wednesday unveiled a blitz of harsher-than-expected levies aimed at countries around the globe, Ngozi Okonjo-Iweala warned the measures would “have substantial implications for global trade and economic growth prospects”.
Trump slapped 10 percent import duties on all nations and far higher levies on imports from dozens of specific countries — including top trade partners China and the European Union — adding to tariffs already imposed since his return to power in January.
“While the situation is rapidly evolving, our initial estimates suggest that these measures, coupled with those introduced since the beginning of the year, could lead to an overall contraction of around 1 percent in global merchandise trade volumes this year,” the World Trade Organization director-general said in a statement.
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