According to last year’s data, the two countries were exchanged goods worth $ 582.5 billion, which means that the potential drop in trade would amount to around $ 466 billion.
“This constant competition and reciprocating measures between the United States and China – together consist of about 3 percent of world trade – has long-term consequences that could seriously jeopardize the global economic prospects,” said the leader WTO, dr. NGOZI OKONJO-IWEALA.
He especially pointed out that in the conflict of two economic powers, the most poorer countries could suffer most, which are more vulnerable to disorders in global trade.
“If the World Economy division into two opposing blocks, we could testify the fall of Global GDP of almost 7 percent in the long run,” Okonjo-Iweala warned.
Meanwhile, more than 166 members of the WTO calls on the organization to determine the rules of world trade more decisively. At the same time, China filed a new application against American customs in Geneva, launching a new phase of the legal dispute within the WTO.
(Vijesti.ba)
