The World Trade Organization (WTO) has issued a stark warning that Donald Trump's tariffs are set to reverse the expected growth in international trade for 2023. Originally forecasting a 2.7% increase, the WTO now anticipates a 0.2% decline. Director General Ngozi Ikonjo Iweala highlighted concerns, particularly regarding the declining trade relationship between the US and China, which could decline drastically, suggesting a broader decoupling of these economies. The WTO's assessments indicate that the global GDP growth forecast for 2025 has also lowered due to rising tariffs and uncertainty in trade policies worldwide, predicting detrimental long-term effects on economic stability.
"The WTO's new forecasts indicate that Donald Trump's tariffs are set to reverse international trade growth, which is alarming for the global economy overall."
"WTO Director General Ngozi Ikonjo Iweala expressed grave concern over the looming decoupling of the US and China, predicting an 81-91% plunge in trade between these two economies if tech exemptions are not made."
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