Sweeping tariffs under U.S. President Donald Trump and countermeasures could have a "catastrophic" impact on developing countries, hitting even harder than foreign aid cuts, the director of the United Nation's trade agency said on Friday.
Global trade could shrink by 3-7% and global gross domestic product by 0.7%, with developing countries the worst affected, the International Trade Centre said.
"It is huge," Pamela Coke-Hamilton, executive director of the International Trade Centre, told Reuters. "If this escalation between China and the U.S. continues it will result in an 80% reduction in trade between the countries, and the ripple effect of that across the board can be catastrophic."
Global markets continued to face turmoil on Friday, after Trump announced a 90-day tariff pause on dozens of countries, while ratcheting up tariffs on Chinese imports, raising them effectively to 145% when levies imposed earlier this year are taken into account.
China has been raising its tariffs on the U.S. with each Trump increase, raising fears that Beijing may jack up tariffs above the current 84%.
"Tariffs could have a much more harmful impact than the removal of foreign aid," Coke-Hamilton said, warning that developing economies risk sliding back on the economic gains they made in recent years.
The International Trade Centre's projections are based on data it gathered that do not reflect the 90-day pause or levy hike on China to 125% and its subsequent 84% hike on U.S. goods.
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