Dismal outlook for trade as US-China standoff deepens

Global trade is expected to plummet this year following US President Donald Trump’s tariff offensive, fuelling uncertainty that threatens “severe negative consequences” for the world, the World Trade Organisation (WTO) warned on Wednesday. Since returning to office, Trump has imposed staggering tariffs on the imports of goods from around the world. But while he placed a brief pause on made a U-turn on steeper tariffs for dozens of countries, Trump has escalated a trade war with China, slapping 145 per cent levies on Chinese goods. Beijing has countered that with a 125 per cent duty on all US products. In the latest bout of one-upmanship, the White House has said that China could face tariffs of up to 245pc. Trump initially imposed 20pc tariffs on imports from China over its alleged role in the fentanyl supply chain, then added 125pc over trade practices that Washington deems unfair.