WTO Chief also warned that conflict could “severely damage the global economic outlook”.
Geneva:
The World Trade Organization chief said Tuesday the US-China tariff war could reduce trade in goods between the two economic giants by 80 percent.
“The escalating trade tensions between the United States and China pose a significant risk of a sharp contraction in bilateral trade. Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80%,” said WTO director general Ngozi Okonjo-Iweala. She warned in a statement that the conflict could “severely damage the global economic outlook”.
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