World & BusinessTrump's tariff war and the risk of a 7% hit to global GDP
Semafor reports that WTO chief Ngozi Okonjo-Iweala cited modeling showing global trade could collapse by 20% if retaliatory tariffs further erode the multilateral rules-based system.
TLDR
Semafor reports that World Trade Organization Director-General Ngozi Okonjo-Iweala warned Trump's tariff war could result in a 7% hit to global GDP. She cited WTO modeling showing that allowing the multilateral rules-based system to erode further under retaliatory tariffs could trigger a 20% collapse in global trade.
Trump's tariff war and the risk of a 7% hit to global GDP
Semafor reports that WTO chief Ngozi Okonjo-Iweala cited modeling showing global trade could collapse by 20% if retaliatory tariffs further erode the multilateral rules-based system.
TLDR
Semafor reports that World Trade Organization Director-General Ngozi Okonjo-Iweala warned Trump's tariff war could result in a 7% hit to global GDP. She cited WTO modeling showing that allowing the multilateral rules-based system to erode further under retaliatory tariffs could trigger a 20% collapse in global trade.
