US tariffs could shrink global trade by 3%

Published

A top UN economist has warned that global trade could contract by 3% due to tariffs imposed by the US. These tariffs could also lead to a shift in export patterns, with some countries increasing exports to India, Canada, and Brazil.  

The US President Donald Trump announced a significant tariff plan, which was later followed by a 90-day pause on “reciprocal tariffs” for most countries, excluding China. In response, China decided to impose 125% tariffs on US imports.  

The Executive Director of the International Trade Centre, Pamela Coke-Hamilton, highlighted that these trade actions could cause substantial long-term shifts in trade patterns and economic integration. For instance, Mexico is redirecting its exports away from the US, China, and Europe, towards Canada, Brazil, and to a lesser extent, India. Similarly, Vietnam is shifting its exports from the US, Mexico, and China towards the Middle East, North Africa, the EU, and Korea.  

Get in touch with us

Fill the following details and send your query to us and we will provide the support you need.

Support Center 24/7

+022 4322 4000 (25 lines) Time : 10 AM - 6 PM

Our Location

1st Floor, Old Oriental Building, 65 M.G. Road, Mumbai: 400023