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WTO slashes 2025 trade growth forecast, warns of deeper slump
The Straits Times
|April 17, 2025
It says uncertainty sparked by Trump's tariff offensive threatens to halt global expansion
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GENEVA - Global trade is expected to plummet in 2025 in the wake of US President Donald Trump's tariff offensive, fuelling uncertainty that threatens "severe negative consequences" for the world, the World Trade Organisation (WTO) warned on April 16.
Since returning to office, Mr Trump has imposed a 10 per cent tariff on imports from around the world, along with 25 per cent levies on steel, aluminium and cars.
While Mr Trump made a U-turn on steeper tariffs for dozens of countries, he has escalated a trade war with China, slapping 145 per cent levies on Chinese goods, while Beijing retaliated with a 125 per cent duty on US products.
"I am deeply concerned by the uncertainty surrounding trade policy, including the US-China standoff," WTO chief Ngozi Okonjo-Iweala said in a statement.
"The recent de-escalation of tariff tensions has temporarily relieved some of the pressure on global trade," she said.
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