WTO calls on the US and China to stop the trade war

WTO Secretary-General calls on the US and China to de-escalate trade war

Director-General of the WTO Ngozi Okonjo-Iweala called on Washington and Beijing to stop the escalation of the trade war, warning that the global «separation» of the economies of the two states could have profound consequences for the entire world.

«If the US and China completely separate their economies, global GDP could decline by 7 %. This will be a serious blow to developing countries in particular,» she said.

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Impact on developing countries

According to WTO estimates, Trade barriers, sanctions and mutual export restrictions lead to rising prices, lack of technology and logistical disruptions.
Countries that depend on imports of electronics, raw materials or fertilisers are the biggest victims of this confrontation.

Meetings within the G20

The statement was made against the backdrop of the annual meetings of the IMF and the World Bank in Washington, where economic security, energy and investment dominated the agenda.
The WTO called on the G20 to return to negotiations on Updating international trade rules and to avoid «economic nationalism», which only increases global risks.