Trade dispute could cost millions of jobs, WTO head warns
18/10/2018
Speaking at an event in London on October 17, Mr Azevêdo said the long-term consequences of the dispute could be severe. He said that if the trade tension between the world’s two largest economies continues to escalate into what he called “a full, global trade war”, the consequences will include knocking 17% off the overall value of global trade, and reducing global economic growth by 1.9%.
“These effects would cause significant disruptions for workers, firms, and communities as they adjust to this new reality,” Mr Azevêdo warned. “Potentially millions of workers would need to find new jobs; firms would be looking for new products and markets, and communities for new sources of growth.”
And he added: “The question is not whether the trade war scenario would have a negative impact, it is how horrible the effects are going to be.”
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