Trump’s Tariffs Will Push Global Trade into Critical Phase: UNCTAD
The United Nations Conference on Trade and Development (UNCTAD) has sounded the alarm on the global trade system, warning that the recent tariffs imposed by US President Donald Trump have pushed the system into a critical phase. The sweeping new tariffs, which cover all imports, threaten to undermine growth, investment, and development progress for vulnerable economies around the world.
UNCTAD, a Geneva-based agency responsible for promoting international trade and development, has expressed deep concern over the implications of Trump’s tariffs. The agency has been monitoring the trade situation closely and has concluded that the tariffs will have far-reaching consequences for the global economy.
In a statement, UNCTAD noted that the tariffs will lead to a sharp increase in trade tensions, potentially triggering a global trade war. The agency warned that this would have devastating effects on vulnerable economies, which rely heavily on international trade to drive economic growth and development.
“The imposition of tariffs on all imports by the United States will have serious consequences for the global economy and particularly for developing countries,” said UNCTAD Secretary-General Mukhisa Kituyi. “We urge all countries to exercise restraint and to work towards a solution that promotes cooperation and understanding, rather than conflict and protectionism.”
UNCTAD’s warning comes as the global trade landscape continues to undergo significant changes. The rise of protectionism, led by the United States, has led to a surge in tariffs and trade restrictions. This has created uncertainty and volatility in the global economy, making it difficult for businesses to plan and invest for the future.
The impact of Trump’s tariffs on vulnerable economies will be particularly severe. These countries, which include many developing nations, rely heavily on international trade to drive economic growth and development. A sharp increase in tariffs, coupled with other trade restrictions, will make it difficult for them to access markets and attract investment.
UNCTAD has called on all countries to work together to find a solution to the trade impasse. The agency has emphasized the need for cooperation and dialogue, rather than conflict and protectionism. This includes finding ways to reduce trade tensions and promoting fair and transparent trade practices.
In addition, UNCTAD has urged countries to prioritize economic development and poverty reduction. The agency has emphasized the need for sustainable and inclusive economic growth, which benefits all segments of society.
The warning from UNCTAD comes as the global economy continues to face significant challenges. The rise of protectionism, coupled with other factors such as rising inequality and climate change, has created significant uncertainty and volatility in the global economy.
In conclusion, the imposition of tariffs on all imports by US President Donald Trump has pushed the global trade system into a critical phase. UNCTAD’s warning highlights the need for cooperation and dialogue, rather than conflict and protectionism. The agency’s call for sustainable and inclusive economic growth, which benefits all segments of society, is particularly timely and relevant.
Source: https://www.logisticsoutlook.com/business/trump-tariffs-unctad-warns-trade
