off-the-wire

Trade wars would be 'catastrophic' for global growth, WTO chief says

Kitco Media
By Reuters
Published:
Updated:
Reuters
Trade wars would be 'catastrophic' for global growth, WTO chief says teaser image

GENEVA, Jan 23 (Reuters) - The World Trade Organization chief said on Thursday that any tit-for-tat trade wars would have catastrophic consequences for global growth in a debate where U.S. President Donald Trump's tariff threats were discussed.

"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," said WTO Director-General Ngozi Okonjo-Iweala at the World Economic Forum in Davos.

Reporting by Emma Farge Editing by Madeline Chambers

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