G20 has put up 'historically high levels' of trade barriers: WTO
G20 economies slapped on 28 new barriers between mid-May and mid-October covering trade worth an estimated $460.4 billion, mainly via tariff increases and import bans, the World Trade Organization said, Reuters reports.
The restrictions by the world’s 20 leading economies were 37 pct above those in the period of Oct 2018-May 2019, “as the share of global trade covered by such measures has soared”, the WTO said in a report on the G20. The group includes the United States, China, and the European Union.
“Historically high levels of trade-restrictive measures are having a clear impact on growth, job creation and purchasing power around the world. We need to see strong leadership from G20 economies if we want to avoid increased uncertainty, lower investment and even weaker trade growth,” WTO Director General Robert Azevedo said in a statement.