WTO is closely monitoring the decision to put a tariff
As soon as US President Donald Trump’s new tariff policy is implemented, its impact has started appearing on the markets. On Thursday, Trump’s decision in the US stock markets was strongly opposed and investors were selling heavy, causing a ruckus. On Thursday, the US stock market saw a tsunami of decline. The World Trade Organization (WTO) has also expressed concern over Trump’s tariff decision. The WTO said the announcement of the US tariff would have a significant impact on the possibilities of global trade and economic growth and this year the global commodity trade may decrease by about one percent.
WTO is closely monitoring the decision to put a tariff
This statement of WTO Director General Nagoji Oconzo-Evella came after the decision to impose tariffs on about 60 countries in the US. Evella said that the WTO Secretariat is closely monitoring and analyzing the US decision to impose tariffs on 2 April. He said, “Many members have contacted us and we are actively joining him in response to their questions about their economy and the possible impact on the global trading system.” The Director General said the recent announcements will have a great impact on the possibilities of global trade and economic growth. He said, “Although the situation is changing rapidly, our initial estimates show that this year can reduce the global goods trade this year due to these steps implemented from the beginning of the year.”
There will be more decline in business
Evella also said that she is very worried about the possibility of this decline in goods trade and retaliation in other countries with the possibility of increasing tariff war. This will further decline in trade. He said, “It is important to remember that despite these new measures, a large part of the global trade is still with the MFN conditions of the WTO. Our estimate indicates that this part is currently 74 percent, which was about 80 percent at the beginning of the year. WTO member countries should stand together to protect these benefits. I call on members to manage the situation responsibly to prevent business stress from growing. ”
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