Of the nearly 200 US trading partners, about ten are those accounting for about 90% of their commercial deficit, CNUCED said in a press released statement.
The increase in customs duties internationally triggered by US President Donald Trump will “hurt the vulnerable and the poor” harder, Rebecca Greenpan, the Secretary -General of the United Nations Conference and the United Nations Conference, denounced Friday.
“It is time for cooperation and not for escalation,” Grinspan added, stressing that “the rules of world trade must evolve to take into account today’s challenges, but in a way that puts the predictability and development in its core to protect the most vulnerable.”
Of the nearly 200 US trading partners, about ten are those accounting for about 90% of their commercial deficit, CNUCED said in a press released statement.
The least economically developed and small island countries, which corresponds to 1.6% and 0.4% of the US -based current trade deficit are nevertheless more affected by the duties announced by Donald Trump. In some cases, they are very tough, they will be imposed on a very large number of countries and based on calculation method that has left many economists.
These poor countries “will not help to balance the (American) commercial deficit, or to generate high revenue,” CNUCED said.
“Many low -income economies are now facing a ‘perfect storm’ of worsening external conditions, unsustainable debt and growth slower growth,” the UN on trade and growth continued.
In general, it warned of negative consequences for the global economy.
In a global economy with low growth and large debt, the rise of customs duties raises a risk of decreasing investment and trade flows, adding uncertainty to the already fragile environment, “the statement said.
“This can undermine trust, slow down investment and threatening growth in growth, especially in the most vulnerable countries.”
On Friday, China chose to pay back US President Trump’s attack, announcing additional customs duties of 34% on US products from April 10, “in addition to customs duties that are currently applicable”.
The European Union has not yet announced the retaliation measures on the 20% customs duties died by Donald Trump, but this is expected soon. At the same time, she reiterates her will to conduct “serious negotiations” with Washington.
In addition, the fever in the markets continued on Friday, with many stock markets continuing the dive worldwide.
SOURCE: KEPE