The disastrous impact on developing countries may have the US president with the imposition, and countermeasures announced by other countries.
The above assessment was made by its representatives, as global trade may shrink by 3%-7%and world GDP by 0.7%, with developing countries more affected, the International Trade Center (ITC) said.
Devastating chain reactions
“It’s huge,” said Pamela Cokuk-Hamilton, executive director of ITC. “If this escalation between it and continues, it will result in a reduction of 80% in trade between countries and the chain reaction around the world will be disastrous,” he added.
Turmoil in the markets
They continue to be in turmoil today, after D. Trump announced yesterday, Wednesday (9/4), the suspension of 90 days of the extra duties imposed on dozens of countries. At the same time, the US president increased to 145% of US duties in Chinese, if the duties he has announced since the beginning of the year are calculated.
China hastened to respond and today increased to 125% of tariffs for imported US products.
“Duties may have much more harmful consequences than cutting international aid,” Kok-Hamilton said, while warning that growing economies are at risk of losing the benefits they have reached in recent years.
