UNSC to Trump Tariffs: United Nations Secretary -General Antonio Guterres has expressed deep concern about the trade war. He said that when the countries tease mutual trade war, it affects the entire global economy and it has to harm everyone. He emphasized that the global economy is deeply connected to themselves, so the policies of one country have an impact on the rest of the countries.
Guterres said that the biggest advantage of free trade is that it benefits the economy of all countries. When there is no obstacle in business, economic development is faster. Employment opportunities increase and consumers also have goods available at cheap prices, but when a country starts a trade war and charges each other, then this situation can destabilize global trading systems.
Tension is increasing due to the policies of Trump administration
US President Donald Trump had announced in his second term that the US would impose retaliation on those countries which charge more on American products. Under this, the Trump administration has implemented new fees globally on steel and aluminum. Following this decision, the European Union and Canada have also announced to increase the fees on American products.
Damage to Global Economy from Trade War
The Trump administration has also decided to impose a separate fee on goods imported from Canada, Mexico and China. In response, these countries have also announced to increase the fee on imported products from America. Due to this, there is a possibility of negative effects on the global trade system. Experts believe that if this trade war continues, global economy may suffer heavy losses and economic instability in many countries may increase.
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