The Director-General of the World Trade Organization said that former President Donald Trump’s plan to increase tariffs on American imports threatens the global trading system, making the current rules useless and harming all economies.
“I think this will likely lead to a reciprocal approach, where other members will also look to impose such fees in return,” Ngozi Okonjo-Iweala added Tuesday at a forum hosted by the Peterson Institute, according to Bloomberg.
“After that, I think we would have a little bit of freedom for everyone, which would upset the stability and predictability of trade,” said the Nigerian economist whose campaign for office under Trump was opposed by the United States.
While Okonjo-Iweala declined to comment on the US elections, she said she hoped Trump’s tariff plan would not go into effect, describing it as a “loss for both parties.” However, she urged other members of the World Trade Organization, if that happened, not to respond in order to preserve… Global trading system.
The Republican candidate promises to impose 60% tariffs on imports from China and 10% tariffs on imports from the rest of the world during his election campaign for a second term, which has raised fears of an inflation rate higher than the Federal Reserve’s target.
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