UNITED NATIONS: (Apr 12) Global trade could shrink by three per cent and exports could see a shift from markets such as the US and China to India, Canada and Brazil due to tariffs imposed by the US, a top UN economist has said.
US President Donald Trump unveiled a massive tariff plan last week. The White House later announced a 90-day pause on “reciprocal tariffs” for most countries except China, which in turn decided to impose 125 per cent tariffs on US imports.
“Global trade could shrink by 3 per cent, with significant long-term shifts in trade patterns and economic integration,” International Trade Centre Executive Director Pamela Coke-Hamilton said in Geneva on Friday. PTI
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