WTO Chief Warns Of Global Economic Disaster Over Trade Wars

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The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, issued a stark warning on Thursday, January 23, cautioning against retaliatory trade wars in response to tariff threats from the United States under former President Donald Trump.

Okonjo-Iweala described such a scenario as "catastrophic," urging countries to resist the urge to retaliate in kind. Her comments came in the wake of Trump's threats of trade wars against Russia amid the ongoing conflict in Ukraine.

Speaking at the World Economic Forum’s annual meeting in Davos, Switzerland, she emphasized the dire consequences of escalating trade tensions:

"If we have tit-for-tat retaliation, whether it’s 25% tariffs or 60%, and we regress to the policies of the 1930s, we’re going to see double-digit global GDP losses. That’s catastrophic. Everyone will pay,” she warned.

Okonjo-Iweala also drew parallels to the trade restrictions implemented during the two World Wars, highlighting the devastating impact of the U.S. Tariff Act of 1930, which spurred similar retaliatory actions and compounded global economic instability.

Her remarks underscored the importance of diplomacy and collaboration to avert a global economic downturn in an already fragile international climate.

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