The World Trade Organisation (WTO) on Wednesday estimated the U.S.-China trade tensions could cut the trade of goods between the two economies by as much as 80%.
"This tit-for-tat approach between the world’s two largest economies, which together account for roughly 3% of global trade, carries wider implications that could severely damage the global economic outlook," it said.
Dividing the global economy into two blocs in this way could lead to a long-term reduction in global real GDP by nearly 7%, the statement added.
Its preliminary estimate was issued around the time U.S. President Donald Trump further raised tariffs on imports from China but paused some others for 90 days.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Heartbreak as cash-strapped Nigerians abandon their pets
2 hours -
Mining in Motion: African leaders arrive in Ghana for landmark industry summit
3 hours -
Trump’s tariffs ‘not going away’ as deadline for deals loom, top adviser says
3 hours -
MTN Ghana honours community champions at 2025 Heroes of Change Awards
4 hours -
Ensuring sanity in the professional practice space – supporting our regulatory councils
5 hours -
UK backs Morocco’s autonomy plan for Sahara as credible basis for resolution, pledges support at all levels
5 hours -
Pyramids beat Sundowns to win first-ever CAF Champions League title
6 hours -
Pyramids FC win CAF Champions League following 2nd leg victory over Sundowns
6 hours -
Pyramids FC clinch first CAF Champions League title with victory over Mamelodi Sundowns
6 hours -
Nations FC cite “poor officiating” and “security lapses” as reasons for abandoning Basake Holy Stars match
7 hours -
Breaking the cycle: School girls in Techiman unite against child marriage, demand menstrual dignity
7 hours -
2024/25 GPL: Hearts dispatch relegated Legon Cities
8 hours -
2024/25 GPL: Samartex edge Aduana Stars 2-1 in final home game
8 hours -
GPL 2024/25: Karela United thump Accra Lions at home
8 hours -
Prof. Kwaku Asare shoots down Fiscal Council proposals
8 hours