The Director General of the World Trade Organization (WTO), Roberto Azevêdo, warned on Monday (05.03.2017) that an "eye for an eye" is very dangerous and that a trade war resulting from protectionist decisions could lead the world into a "deep recession."
"In light of recent announcements on trade policies, it is clear that we now see a higher and more real risk of an escalation of trade barriers around the world," Azevêdo said at a special meeting to discuss recent trade tensions following the US decision to announce high tariffs on steel and aluminum imports.
"We cannot ignore this risk and I urge all parties to consider and reflect deeply on this situation. Once we take this path, it will be very difficult to change direction. An eye for an eye will make us all blind and the world will fall into a deep recession.", added the Brazilian diplomat.
Following the Trump administration's decision, several capitals announced that they would not sit idly by and that their countries would in turn establish tariffs and trade barriers on US products, which increased widespread fear of a global trade war.
Following those commercials, Trump responded by saying that trade wars "are good and easy to win."
"We have to make an effort to prevent the first domino pieces from falling. We still have time.", Azevêdo predicted, expressing the deep concern of the WTO, the body that governs world trade.
Urged@WTO members today to show restraint and avoid triggering an escalation in trade barriers. Once we start down this path it's very difficult to turn back – https://t.co/NzE4VJ0Smf
— Roberto Azevêdo (@WTODGAZEVEDO) March 5th 2018
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