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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Russia announced on Sunday that its forces had made significant advances in Ukraine’s southeastern Zaporizhzhia region, capturing two settlements as part of a broader offensive aimed at seizing full control of the area.
Türkiye has proposed jointly leading next year’s U.N. climate summit, COP31, alongside Australia in an effort to resolve a long-running standoff over who will host the event, Turkish diplomatic sources have confirmed.
Uzbek President Shavkat Mirziyoyev on Sunday proposed creating a new regional co-operation body, which he called the “Community of Central Asia”, aimed at strengthening economic integration across the region’s more than 80 million people.
Israeli Prime Minister Benjamin Netanyahu has reiterated his firm opposition to the establishment of a Palestinian state, saying his position has “not changed one bit” despite growing international pressure.
Storm Claudia, which brought violent weather to Portugal, has resulted in the deaths of three people and left dozens injured, authorities reported on Saturday. Meanwhile, in Britain, rescue teams were organising evacuations due to heavy flooding in Wales and England.
Japan urged China on Saturday to take "appropriate measures" after Beijing issued a warning to its citizens against travelling to Japan, amid an ongoing dispute over Taiwan.
U.S. President Donald Trump purchased at least $82 million in corporate and municipal bonds between late August and early October, including new investments in sectors benefiting from his policies, according to financial disclosures made public on Saturday.
A ministerial meeting was held in the capital of Georgia, Tbilisi, for the implementation of the Agreement on Strategic Partnership in the Development and Transmission of Green Energy between Azerbaijan, Georgia, Hungary, and Romania.
U.S. Secretary of State Marco Rubio stressed the importance of securing a humanitarian ceasefire in Sudan during a call on Friday with United Arab Emirates Foreign Minister Sheikh Abdullah bin Zayed.
Russia announced on Sunday that its forces had made significant advances in Ukraine’s southeastern Zaporizhzhia region, capturing two settlements as part of a broader offensive aimed at seizing full control of the area.
Türkiye has proposed jointly leading next year’s U.N. climate summit, COP31, alongside Australia in an effort to resolve a long-running standoff over who will host the event, Turkish diplomatic sources have confirmed.
Uzbek President Shavkat Mirziyoyev on Sunday proposed creating a new regional co-operation body, which he called the “Community of Central Asia”, aimed at strengthening economic integration across the region’s more than 80 million people.
Israeli Prime Minister Benjamin Netanyahu has reiterated his firm opposition to the establishment of a Palestinian state, saying his position has “not changed one bit” despite growing international pressure.
Thousands of people across Mexico took to the streets on Saturday under the rallying cry of “Generation Z,” demanding an end to rising violence and expressing outrage over the killing of Uruapan Mayor Carlos Manzo earlier this month.
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