The US-China trade war risks dragging the world into recession, the head of the World Trade Organization has warned, with global output set to drop 7 per cent if the two economic powerhouses decouple fully.
Ngozi Okonjo-Iweala told the Financial Times that US President Donald Trump’s tariffs and China’s retaliatory levies risked splitting the world into two trading blocs as countries are forced “to choose to be with one side or the other”.
“We’re very concerned that we’re seeing a potential decoupling of US/China trade; we really want to avoid a case of geopolitical fragmentation,” the WTO director-general said.
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