The World Trade Organization's recent forecast indicates that President Trump's tariffs could reduce global trade in goods by nearly three percentage points this year. Initially, the WTO predicted a 2.7 percent growth in goods trade; however, this has now shifted to an expected contraction of 0.2 percent. The tariffs, which include rates on imports from China and other nations, aim to revitalize U.S. manufacturing, but many economists argue they may impede economic activity. The impact will be most pronounced in North America, with significant declines in trade volumes projected.
The World Trade Organization projects that President Trump's trade policies will reduce global trade in goods by nearly three percentage points this year due to tariffs and economic slowdowns.
At the beginning of the year, the WTO anticipated a 2.7 percent growth in goods trade aligned with the global economy but now expects a contraction of 0.2 percent.
Despite the Trump administration's claims that tariffs will help U.S. manufacturing, many economists predict that they will hinder overall economic activity instead.
The WTO warns that global trade is at risk, particularly from the potential return of Trumpâs reciprocal tariffs, which were recently paused for negotiation.
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