The News
The World Trade Organization slashed its forecast of global trade Wednesday, predicting that worldwide imports and exports will fall by 0.2% this year.
“The outlook for global trade has deteriorated sharply,” the WTO said, as a result of tariffs and “trade policy uncertainty.”
The organization warned that the outlook could worsen further if US President Donald Trump decides to impose planned higher duties on imports from dozens of countries: Those tariffs are on ice for now as officials scramble to negotiate trade agreements before the 90-day pause runs out in July, although analysts have cautioned that talks may be stymied by the lack of clarity around what Trump wants from these deals.
AD