Global trade could shrink by 3-7% and global gross domestic product by 0.7%, with developing countries the worst affected, the International Trade Centre said.
Global markets
“Tariffs could have a much more harmful impact than the removal of foreign aid,“ Coke-Hamilton said, warning that developing economies risk sliding back on the economic gains they made in recent years.
Bangladesh, the world's second largest apparel exporter, could lose $3.3 billion in annual exports to the U.S. by 2029 if the U.S. tariff of 37% stays after the pause, ITC data found. It may look to European markets as an alternative as they still hold growth potential, Coke-Hamilton suggested.
The projections by the International Trade Centre, the joint agency of the World Trade Organization and the United Nations, which seeks to help countries develop through exports, are based on data it gathered before Trump's 90-day pause and subsequent hikes on duties on Chinese imports.
Read More Details
Finally We wish PressBee provided you with enough information of ( Impact of tariffs on developing countries could be 'catastrophic', says UN trade agency )
Also on site :