The UN Commerce Director estimated that the trade war caused by US President Donald Trump, by imposing high duties on many US trade partners and the countermeasures announced can have “disastrous” impacts on the countries. World trade may shrink by 3-7% and world GDP by 0.7%, with developing countries more affected, the International Trade Center (ITC) said. “It’s huge,” said Pamela Cokuk-Hamilton, executive director of ITC. “If this escalation between China and the US continues, it will result in a reduction of 80% in trade between countries and the chain reaction around the world will be catastrophic,” he added. The world markets continue to be upset today, after Trump announced yesterday, Wednesday, for 90 days of the extra duties imposed on dozens of countries. At the same time the US president increased […]
Source: News Beast
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