A full-blown trade war would have serious effects on global economic growth, the director-general of the World Trade Organization (WTO), Roberto Azevedo, said on Tuesday.
“The warning lights are flashing. A continued escalation of tensions would pose an increased threat to stability, to jobs and to the kind of growth that we are seeing today,” Reuters reported quoting Azevedo.
He added that there would be no winners of such a scenario.
As reported earlier, US imposed duties on steel (25%) and aluminum (10%) imports. In the summer, the US imposed 25% duties on imported goods from China worth $50 billion.
Since September 24, the US imposed 10% duties on the Chinese goods imports Wirth $ 200 billion.