WATCH THE VIDEO HERE Global trade is expected to plummet this year in the wake of President Donald Trump’s tariff offensive, fuelling uncertainty that threatens “severe negative consequences” for the world, the World Trade Organization warned Wednesday. Since returning to office, Trump has imposed a 10 percent tariff on imports of goods from around the world along with 25 percent levies on steel, aluminium and cars. While Trump made a U-turn on steeper tariffs for dozens of countries, he has escalated a trade war with China, slapping 145 percent levies on Chinese goods while Beijing retaliated with a 125 percent duty on US products. “I’m very concerned,” WTO chief Ngozi Okonjo-Iweala told reporters, adding that the organisation expected to see trade volumes between the United States and China crumble by a whopping 81 percent. “The enduring uncertainty threatens to act as a brake on global growth, with severe negative consequences for the world, the most vulnerable economies in particular,” she warned in a statement.
WTO chief ‘very concerned’ as tariffs cut into global trade
