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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Following the U.S.-Israel strikes, Iran has called for an urgent meeting of the United Nations Security Council to be held on Monday (2 March), and vowed strong retaliation to the attacks. Touraj Shiralilou sent this update from Tehran.
Tensions between the U.S. and Iran are escalating, with Washington ordering a significant military build-up in the region and multiple countries evacuating diplomatic staff amid fears of further instability.
Speaking during a closed-door deposition in New York on Thursday (February), former U.S. Secretary of State Hillary Clinton said she did not “recall” ever meeting the late sex offender Jeffrey Epstein and had “no knowledge of his crimes”.
Pakistan’s declaration of an “open war” with Afghanistan must be understood in the context of months of escalating violence, regional analysts have said, describing the latest developments as a significant shift in the nature of the conflict.
Follow the latest developments and global reaction after the U.S. and Israel launched “major combat operations” in Iran, prompting retaliation from Tehran.
Tensions between the U.S. and Iran are escalating, with Washington ordering a significant military build-up in the region and multiple countries evacuating diplomatic staff amid fears of further instability.
Two people were killed and around 40 injured when a tram derailed in central Milan on Friday (27 February), a spokesperson for the local fire service said.
Iran’s top diplomat said that the next round of nuclear talks is expected in less than a week after what he described as “progress in the most serious exchanges” between Tehran and Washington. The statement follows the third round of nuclear talks on Thursday (26 February) in Geneva.
Mexico’s President Claudia Sheinbaum on Thursday thanked FIFA and its President, Gianni Infantino, for reaffirming that the country’s 2026 World Cup host venues will remain unchanged, following violence that erupted after the killing of a major cartel leader.
A senior Iranian official has warned Israel to “prepare for what is coming”, insisting that Tehran’s response to the latest escalation in the Middle East will be made openly and without limits.
Cuba has released extensive details of a deadly midweek shootout at sea, showing rifles, pistols and nearly 13,000 rounds of ammunition that it says were carried by a group of exiles who attempted to enter the island by speedboat.
Afghanistan’s Taliban rulers said on Friday (27 February) they were ready to negotiate after Pakistan bombed their forces in several Afghan cities, including Kabul and Kandahar, and Islamabad declared the neighbours were now in "open war".
Tensions between the U.S. and Iran are escalating, with Washington ordering a significant military build-up in the region and multiple countries evacuating diplomatic staff amid fears of further instability.
Two people were killed and around 40 injured when a tram derailed in central Milan on Friday (27 February), a spokesperson for the local fire service said.
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