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Reuters reports comments from the Director-general of the World Trade Organization (WTO), Roberto Azevedo,  as he speaks about the negative impact of a full-blown trade war on the global economic growth at a Berlin industry event.

Key Quotes:

“The warning lights are flashing. A continued escalation of tensions would pose an increased threat to stability, to jobs and to the kind of growth that we are seeing today.”

“A full-blown global trade war with a breakdown in international trade cooperation would reduce global trade growth by around 70 percent and GDP growth by 1.9 percent.”

“There would be no winners from such a scenario and every region would be affected,” Azevedo said. The European Union itself would have about 1.7 percent taken off its GDP growth. Clearly, we cannot let this happen.”