Dr. Ngozi Okonjo-Iweala
Ngozi Okonjo-Iweala warns Trump, others against trade war
The Director General of the World Trade Organization, WTO, Ngozi Okonjo-Iweala on Thursday, January 23 warned against any reciprocated trade wars prompted by the United States, US, and President Donald Trump’s tariff threats on different countries.
Urging other states to refrain from responding in kind to Trump, Okonjo-Iweala called such a potential situation ”catastrophic.’’
Her comment came after Trump threatened trade wars against Russia over the battle in Ukraine.
READ ALSO:
Okonjo-Iweala speaking during the World Economic Forum annual meeting at the Swiss resort of Davos said: “If we have tit-for-tat retaliation, whether it’s 25% tariff (or) 60% and we go to where we were in the 1930s we’re going to see double-digit global GDP losses. That’s catastrophic. Everyone will pay.”
Referencing the two World Wars when countries adopted trade restrictions in response to a US tariff act in 1930.
“We’ve seen this movie, as I said, elsewhere in the 1930s with the Smoot-Hawley Act. It made it worse,” she said.
“We’re very much saying to our members at the WTO, you have other avenues, even if a tariff is levied, please keep calm.”
Iran Lists Tough Conditions for Peace Talks with US By Agency Report Iran has outlined…
Lagos Announces Partial Road Closures for Project Commissioning The Lagos State Government has announced partial…
Missing worshippers still in captivity, Kaduna community disputes Army’s rescue claim Confusion and anger have…
British Museum, Oxford experts visit NRC Legacy Museum, seek heritage partnership A delegation of experts…
Gunmen Kill 4 in Kebbi, Abduct 6 in Sokoto Attacks At least four people have…
Nigerian Troops Foil Fuel Smuggling, Arrest 16 Suspected Terrorists in Borno Troops of Operation HADIN…