US Tariffs Could Shrink Global Trade by 3%: UN Economist

Africa: U.S. Tariffs Move Could See Three Per Cent Fall in Global Trade, Says Top UN Economist

Global trade could shrink by three per cent as a result of the United States' new tariff measures which in the longer term could reshape and boost as-yet untapped regional commercial links, a top UN economist confirmed on Friday.

United Nations experts have warned this Friday that world trade could contract up to 3% as a result of new US tariffs, although in the long term they could “reform and boost” “unexploited” regional trade links. “I think there will be changes in supply chains and a reassessment of global alliances. There will be geopolitical and economic changes as well,” said the director of the International Trade Centre (ITC), Pamela Coke-Hamilton, who has inc…

According to the WTO analysis, protective tariffs hardly achieve the expected economic effects. WTO chief economist Ralph Ossa even warns against long-term disadvantages such as higher inflation and falling competitiveness.

Is the US heading toward economic isolation? How tariffs are eroding America's role in global trade

The Trump administration's strategy of imposing tariffs was intended to leverage the US's economic dominance to renegotiate trade deals and protect domestic industries. However, this approach has backfired, leading to higher costs for businesses and consumers, and straining relationships with traditional allies and trading partners.

U.S. tariffs could shrink global trade by 3%, says U.N. economist

Global trade could shrink by 3% with shifts to India, Canada, and Brazil due to U.S. tariffs, warns the United Nations economist

US tariffs could shrink global trade by 3%: UN economist

Global trade faces a 3% shrink with shifts in export markets due to US tariffs, UN economist warns.