United Nations Secretary-General António Guterres warned on Wednesday that the global trading system is under severe strain from escalating tariffs, with developing nations bearing the brunt of the impact.
“The rules-based trading system is at risk of derailment,” Guterres told delegates at the UN Trade and Development conference in Geneva, highlighting rising trade barriers and fears of trade wars.
U.S. President Donald Trump’s tariff hikes since taking office in January have unsettled financial markets and injected widespread uncertainty into the global economy.
On 7 August, Trump sharply increased tariffs on imports from dozens of countries, leaving key trade partners such as Switzerland, Brazil, and India scrambling to negotiate more favourable terms.
“Supply chains are in turmoil, and trade barriers are climbing, with some of the least developed countries facing punitive tariffs of up to 40%, despite accounting for barely 1% of global trade flows,” Guterres said.
While the European Union has reached an agreement to cap tariffs at 15% on most goods exported to the United States, rates on products from the least developed nations remain far higher — Laos, for example, faces a 40% duty.
Earlier this month, the World Trade Organization cut its forecast for global merchandise trade volume growth in 2026 to 0.5%, citing the delayed effects of U.S. tariffs, a steep downgrade from its earlier August projection of 1.8%.
Trump’s tariff measures have also strained the global trade rules set by the WTO. In April, a former WTO chief warned that unless the organisation reforms swiftly, the future framework for international trade could be shaped outside the 30-year-old watchdog.
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A five-storey residential building collapsed in the northern Lebanese city of Tripoli on Sunday, 4 February, trapping an unknown number of people beneath the rubble, according to security sources.
Police in riot gear pushed toward a group of protesters who launched fireworks, flares and smoke bombs during a demonstration in Milan on Saturday, as the city hosted events on the first full day of the Milano Cortina Winter Olympics.
Saudi Arabia and Syria have signed agreements worth about $5.3bn aimed at boosting cooperation across aviation, telecommunications and water infrastructure, marking one of the largest economic initiatives since Syria’s leadership change.
Several avalanches struck northern Italy on Saturday, killing at least three people, as rescue officials warned the death toll could rise with unstable conditions persisting across the Alps.
Storm Leonardo hit Spain and Portugal on Tuesday, forcing more than 11,000 people from their homes, as a man in Portugal died after his car was swept away by floodwaters and a second body was found in Malaga.
Iran would retaliate by striking U.S. military bases across the Middle East if it comes under attack by American forces, Foreign Minister Abbas Araghchi said on Saturday (7 January), stressing that such action should not be seen as targeting the countries hosting those bases.
At least 31 people have been killed and scores wounded in a suicide bombing at a mosque in Pakistan’s capital, Islamabad, during Friday prayers, prompting widespread international condemnation.
U.S. and Ukrainian negotiators have discussed an ambitious goal of reaching a peace agreement between Russia and Ukraine by March, though the timeline is widely viewed as unrealistic due to deep disagreements over territory, according to multiple sources familiar with the talks.
A Japanese city near Mount Fuji has cancelled its annual cherry blossom festival, saying growing numbers of badly behaved tourists are disrupting daily life for residents.
U.S. and Ukrainian negotiators have discussed an ambitious March goal for Russia and Ukraine to agree on a peace deal, though that timeline is likely to slip given a lack of agreement on the key issue of territory, according to three sources familiar with the matter.
A five-storey residential building collapsed in the northern Lebanese city of Tripoli on Sunday, 4 February, trapping an unknown number of people beneath the rubble, according to security sources.
Georgian Prime Minister Irakli Kobakhidze says the country is accelerating investments to enhance its connectivity and transit functions, with key road links set for completion by 2030.
Portugal voted on Sunday in a presidential runoff between leftist Antonio Jose Seguro and far-right challenger Andre Ventura, with surveys indicating a decisive victory for Seguro despite weather disruptions and pockets of political fatigue.
British Prime Minister Keir Starmer’s chief of staff Morgan McSweeney has resigned as criticism intensifies over the decision to appoint Peter Mandelson as ambassador to the United States.
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