The WTO chief also warned that the struggle “could severely harm the global economic approach”.
Geneva:
The World Trade Organization Head said on Tuesday that the US-China tariff war could reduce trade in goods by 80 percent in goods between the two economic veterans.
Nogoji Okonzo-Evella, Director General of the WTO Director General, said, “The growing trade tension between the United States and China creates a significant risk of a sharp contraction in bilateral trade. Our initial estimates show that the business between these two economies may be reduced by 80%,” said the WTO Director Engineer Ocono-Ewela said. He warned in a statement that the struggle “could severely damage the global economic approach”.
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