Rising trade tensions caused by President Donald Trump’s push to impose tariffs on imports from key US trading partners such as China and the EU may already be having an effect on the global economy, the World Trade Organization warned on Thursday.
In its latest forecast the WTO said it expected global trade volumes to expand by 4.4 per cent in 2018 after growing 4.7 per cent last year in the best performance seen in six years.
But the WTO also said it was detecting signs that rising trade tensions may already be having an impact on business confidence and investment decisions. It warned that any escalation in the sort of tit-for-tat tariff wars that the US and China have threatened in recent weeks would undermine the global recovery.
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