World Trade Organization chief Roberto Azevedo sees the first signs of a global economic slowdown as a result of the US conflict with major trading partners.
Trade War
"If the trade war between the United States and other countries escalates, it could have a negative impact on the global economy and there are signs that It is already happening"he warned in an interview with a German newspaper on Wednesday.
Asked whether there was a risk to the global economy, WTO Director-General Roberto Azevedo told the business daily Handelsblatt: "Absolutely. If the trade war escalates, there is a risk of a global economic slowdown and we are already seeing signs that this process has already begun."
Dialogue
Azevedo said it was crucial to maintain dialogue to avoid an escalation of the conflict.
The WTO chief urged major economies to hold talks to avoid a trade war.We must maintain the dialogue"he said, as the only alternative to avoid a new escalation, which would affect everyone, including the global economy and citizens.
Azevedo rejected the accusation by US President Donald Trump that his country is being severely penalised in global trade by its partners. "The United States is treated according to WTO rules," he said.
Trump
He considered Trump's idea of breaking down all trade barriers between the seven major economies of the world (G7) to be "something good".
Source: Reuters
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