In a report on the world’s twenty largest economies, the World Trade Organization (WTO) has warned that economic growth across the globe is “in jeopardy” as the US, China, and the EU all engage in threatening retaliatory tariffs against each other.
Key quotes
“The worrying trend is the increase in trade restrictive measures which has come at a time of increasing trade tensions and associated rhetoric.
In the seven months between October 2017 and May 2018 G20 countries imposed 39 new “trade restrictive” measures including taxes on imports.
At a juncture where the global economy is finally beginning to generate sustained economic momentum following the financial crisis, the uncertainty created by a proliferation of trade restrictive practices could place the economic recovery in jeopardy.
Further escalation could carry potentially large risks for the system itself.”
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