481 Billion dollars in Trade affected by import Restrictions G20. G20 countries have introduced forty new trade restrictions between May and October this year worth 481 billion dollars in products.
It is six times more than a year ago, reports the World Trade Organization (WTO) Thursday.
It is also the highest level since 2012, the year in which the WTO began to monitor trade flows between the twenty largest industrialised countries.
“Further escalation remains a real threat,” stated Director-General Roberto Azevedo of the WTO in a statement.
If countries continue to do so, economic growth will be at risk worldwide, the foreman continues.
In the prior months, US President Donald Trump has raised new thresholds to settle trade flows.
For example, on a large proportion of Chinese exports to the US an additional import tax of 10 percent has been introduced,
and Trump threatens to increase that tax to 25 percent.