The global tariff regime that US President Donald Trump has decided on can lead to a total decline of around 1 percent in global trade volumes this year, warns the World Trade Organization (WTO) on Thursday.
"I am deeply concerned about this decline and the potential for escalation into a trade war with a cycle of retaliatory measures leading to further declines in trade", says WTO chief Ngozi Okonjo-Iweala, from Nigeria, in a statement.
Trump announced comprehensive import tariffs against countries and other counterparts in global trade at a press conference at the White House late on Wednesday evening Swedish time.
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