GENEVA: Increased global trade tariffs will hurt the most vulnerable and poor people, the UN's trade and development agency said Friday, after US President Donald Trump's measures sparked global alarm.
The ensuing trade turbulence “hurts the vulnerable and the poor“, said UNCTAD Secretary-General Rebeca Grynspan in a statement.
“Trade must not become another source of instability. It should serve development and global growth,“ Grynspan said.
Trump unveiled a barrage of import duties against dozens of countries on Wednesday, prompting China to retaliate in kind and raising the risk that other countries will follow, hurting the world economy.
“Global trade rules must evolve to reflect today’s challenges, but they must do so with predictability and development at their core, protecting the most vulnerable,“ Grynspan added.
“This is a time for cooperation -- not escalation.”
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