Tariff war could cut US-China goods trade by 80 percent: WTO chief

A war of nerves sets in between the US and China, with trade already hit

As the two nations engage in an escalation of tariff measures, their trade has already begun to plummet. While Beijing has long been preparing to decouple from the American economy, its exporters are suffering.

According to the US delegation that participated in the meeting of the Council for Trade in Goods, the US "is not modifying or canceling its commitments or tariff limits within the WTO". Rather, the US delegation argued, the US executive is taking the necessary measures to protect its essential security interests that have been compromised by the decline of essential supply chains caused, in turn, by "atrophying US production capacity", writes A…

'Made in HK' offers great value to the world, with zero tariffs

As world trade dynamics shift amid an escalating US-China trade war, could this be a blessing in disguise for Hong Kong? China and Hong Kong are separate customs territories under the World Trade Organization. Although the United States has slapped 125 percent duties on Chinese goods, Hong Kong as...

US-China trade war could slash bilateral trade by 80%, split global economy

”Our preliminary projections suggest that merchandise trade between these two economies could decrease by as much as 80%” The post US-China trade war could slash bilateral trade by 80%, split global economy – WTO appeared first on Premium Times Nigeria.

China called on the United States on Thursday to reach a "half-way" agreement to end the trade war between the two nations, following the announcement of the temporary suspension of the new tariffs to dozens of countries by Donald Trump. Read more]]>

WTO's Okonjo-Iweala warns US-China trade war could cut bilateral trade by 80%

The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has warned that the ongoing tariff war between the United States and China could slash trade in goods between the two countries by as much as 80 percent, with severe consequences for the global economy.