The World Trade Organization (WTO) warned on Monday of the continuing trade war and its negative impact on global trade growth, as commodity trade growth is expected to remain lower than expected in the fourth quarter of this year.
The commodity trade indices have remained unchanged since August and are heading for a downward trajectory due to trade tensions and tariff increases.Air freight, raw materials and electronic components have also fallen considerably, but electronic components were weaker with tariff increases.
Trade tensions between the United States and China escalated following the introduction of mutual tariffs between the two countries, raising concerns about a trade war between the world’s two most powerful economies that could have a negative impact on global economic growth.