Tariffs Could Shrink Global Trade by 3%

UN economist says could cause economic shifts

- PRESS TRUST OF INDIA

GLOBALTRADE COULD shrink by 3% and exports could see a shift from markets such as the US and China to India, Canada and Brazil due to tariffs imposed by the US, a top UN economist has said. US President Donald Trump unveiled a massive tariff plan last week. The White House later announced a 90-day pause on "reciprocal tariffs" for most countries except China, which in turn decided to impose 125% tariffs on US imports.

"Global trade could shrink by 3%, with significant long-term shifts in trade patterns and economic integration," International Trade Centre executive director Pamela Coke-Hamilton said in Geneva on Friday.