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.
U.S. and Iranian officials said they had agreed on a framework to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, a pre...
Trade routes through Afghanistan took centre stage in Almaty as the European Union, Central Asian states and the United Nations discussed the country'...
U.S. President Donald Trump has threatened to impose 100% tariffs on French wine and champagne unless France removes its digital services tax on major...
The Court of Appeal in London ruled on Monday (15 June) that the government's decision to ban pro-Palestinian campaign group Palestine Action as a te...
Leaders of the world's leading industrialised democracies are gathering in the French resort town of Evian-les-Bains for the latest Group of Seven (G7...
Trade routes through Afghanistan took centre stage in Almaty as the European Union, Central Asian states and the United Nations discussed the country's role in shaping regional security and economic connectivity.
U.S. President Donald Trump has threatened to impose 100% tariffs on French wine and champagne unless France removes its digital services tax on major American technology companies.
The Court of Appeal in London ruled on Monday (15 June) that the government's decision to ban pro-Palestinian campaign group Palestine Action as a terrorist organisation was lawful, handing ministers a victory in a closely watched legal battle over protest rights and national security.
Leaders of the world's leading industrialised democracies are gathering in the French resort town of Evian-les-Bains for the latest Group of Seven (G7) summit on Monday, with the wars in Ukraine and Iran, economic tensions and artificial intelligence expected to dominate discussions.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
U.S. and Iranian officials said they had agreed on a framework to end their war, halt the U.S. blockade of Iran and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Iran's nuclear program to further negotiations.
Switzerland on Sunday rejected a referendum proposal to cap its population at 10 million, a projection showed, as voters prioritised economic stability and the country's ties with the European Union over immigration concerns.
U.S. President Donald Trump has threatened to impose 100% tariffs on French wine and champagne unless France removes its digital services tax on major American technology companies.
The Court of Appeal in London ruled on Monday (15 June) that the government's decision to ban pro-Palestinian campaign group Palestine Action as a terrorist organisation was lawful, handing ministers a victory in a closely watched legal battle over protest rights and national security.
Leaders of the world's leading industrialised democracies are gathering in the French resort town of Evian-les-Bains for the latest Group of Seven (G7) summit on Monday, with the wars in Ukraine and Iran, economic tensions and artificial intelligence expected to dominate discussions.
The UK has become the latest country to annouce a social media ban for children under 16. British Prime Minister Keir Starmer made the announcement on Monday, adding that he will impose restrictions on gaming and livestreaming platforms as well.
The stepson of Norway's Crown Prince Haakon has been found guilty of two counts of rape as well as domestic violence and other crimes and is sentenced to four years in prison, an Oslo court ruled on Monday.
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