WTO chief warns Trump's proposed tariffs will lead to global recession
- 6 years ago
Turning to the latest fallout from President's Trump steel and aluminum tariff announcement.
The WTO is pressing Trump is change his mind as the EU, Asian countries and other economic powerhouses mull their own ways to strike back.
Despite the pressure from home and abroad,... President Trump appears to be sticking to his guns.
Lee Seung-jae reports.
With fears rising over the possibility of a full-scale tariff war, the head of the World Trade Organization is urging U.S. President Donald Trump to reverse course over his decision to slap hefty tariffs on steel and aluminum imports.
Speaking at a WTO meeting in Geneva on Monday,... Roberto Azevedo said Trump's proposal would trigger a domino effect that could lead to a global recession,... adding there's a much higher and a real risk of triggering an escalation of trade barriers around the world.
Despite the grim warnings,... President Trump has rejected the idea that his measures, which he says are a way of defending U.S. national security,... would lead to a trade war,... even though his announcement prompted threats of retaliation from around the world.
They included the EU,... which is threatening to impose equally heavy import taxes on American goods.
According to the EU Commissioner for Trade,... Brussels could apply a 25-percent tariff on around three-point-five billion dollars of imports from the U.S.,... targeting iconic U.S. exports, including Levi's jeans, Harley-Davidson motorbikes and Bourbon whiskey.
Brazil, Mexico and Japan have also said they will consider retaliatory steps,... if President Trump presses ahead with his plans.
Concerns are growing,... as the world waits to see if and when the first domino falls,... and what effect it could have.
Lee Seung-jae, Arirang News.
The WTO is pressing Trump is change his mind as the EU, Asian countries and other economic powerhouses mull their own ways to strike back.
Despite the pressure from home and abroad,... President Trump appears to be sticking to his guns.
Lee Seung-jae reports.
With fears rising over the possibility of a full-scale tariff war, the head of the World Trade Organization is urging U.S. President Donald Trump to reverse course over his decision to slap hefty tariffs on steel and aluminum imports.
Speaking at a WTO meeting in Geneva on Monday,... Roberto Azevedo said Trump's proposal would trigger a domino effect that could lead to a global recession,... adding there's a much higher and a real risk of triggering an escalation of trade barriers around the world.
Despite the grim warnings,... President Trump has rejected the idea that his measures, which he says are a way of defending U.S. national security,... would lead to a trade war,... even though his announcement prompted threats of retaliation from around the world.
They included the EU,... which is threatening to impose equally heavy import taxes on American goods.
According to the EU Commissioner for Trade,... Brussels could apply a 25-percent tariff on around three-point-five billion dollars of imports from the U.S.,... targeting iconic U.S. exports, including Levi's jeans, Harley-Davidson motorbikes and Bourbon whiskey.
Brazil, Mexico and Japan have also said they will consider retaliatory steps,... if President Trump presses ahead with his plans.
Concerns are growing,... as the world waits to see if and when the first domino falls,... and what effect it could have.
Lee Seung-jae, Arirang News.