THE World Trade Organisation (WTO) has warned that trade tensions are causing harm to the world economy in ways not seen since the financial crisis a decade ago, reports Bloomberg
THE World Trade Organisation (WTO) has warned that trade tensions are causing harm to the world economy in ways not seen since the financial crisis a decade ago, reports Bloomberg. 'Further rounds of tariffs and retaliation could produce a destructive cycle of recrimination,' said the WTO report.
It's the third consecutive year that the Geneva-based WTO has lowered its expectations for global trade growth and broadly reflects similarly bleak views from the World Bank, the International Monetary Fund and the OECD.
The WTO report cites US President Donald Trump's fight with China and Britain's forthcoming exit from the European Union as reducing the growth of international commerce.
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