World Trade Organization Director-General: Stop trade tensions

London _ Agencies

World Trade Organization (WTO) Director-general Roberto Azevedo on Wednesday called on the international community to "calm down" trade tensions, warning of an escalation that could affect the "millions " of workers in the world.

"The constant escalation of tensions will pose real risks," he said in a speech in London.

"The effect may be limited if the escalation is avoided. However, a complete interruption of international trade cooperation could lead to a sharp rise in tariffs, which will reduce the growth of world trade by 17% and the world GDP by 1.9%. "

Azevedo said a similar scenario would "cause major disruptions to workers, companies and communities (...) Millions of workers may need to find new jobs."

"It is clear that we cannot allow ourselves to go this way," he said, stressing that "the entire international community must contribute to defusing tensions for all our citizens."

"We must promote dialogue, both bilaterally and within the World Trade Organization," he said.

Trade disputes have escalated in recent months between Washington and Beijing, as well as between Washington and the Europeans, with tight reciprocal tariffs.

 

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