Reported about 1 year ago
Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO), expressed concerns over the rising protectionism in global trade, pointing out the fragmentation caused by the breaking of WTO rules. Recent actions like the EU's plan to impose temporary tariffs on Chinese electric cars and the US raising tariffs on Chinese imports have exacerbated these trends. The impact of these actions, along with other obstacles like disruptions in global shipping routes, highlights the fragile state of international trade and the need for cooperation to avoid a repeat of protectionist policies similar to those in the 1930s that could lead to detrimental economic consequences.
Source: YAHOO