The World Trade Organization (WTO) announced it will hold informal consultations with member delegations next week to discuss the global economic situation and its impact on the multilateral trading system. These talks, led by General Council Chair Ambassador Saqer Abdullah Almoqbel of Saudi Arabia, come amid rising concern over the U.S.’s newly announced “reciprocal tariffs.”
The U.S. tariffs, introduced last week, have triggered global market instability and drawn sharp criticism from economists and world leaders. Former U.S. Treasury Secretary Lawrence Summers warned that the tariffs could push the U.S. into a recession, potentially resulting in two million job losses and household income drops of over $5,000 per family. He likened the policy to the disastrous tariffs of the 1930s and urged a reversal.
Despite these warnings, the White House stated on Tuesday that the tariff plan will proceed. The WTO’s upcoming discussions aim to explore how member nations might respond or engage with the evolving trade tensions.
Source – CGTN
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