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Date: 11-apr-2025
The United Nations has issued a grave warning regarding the escalating trade war between the United States and China. According to the UN's International Trade Centre (ITC), the ongoing tariff battle could have a "catastrophic" impact on developing countries, threatening to reverse years of economic progress.
ITC Executive Director Pamela Coke-Hamilton highlighted that the increasing tariffs imposed by both the US and China could lead to a 3% to 7% decline in global trade. Additionally, the global GDP could shrink by 0.7%, hitting the world's most vulnerable economies the hardest.
Several developing countries heavily dependent on exports to the US and China are now facing massive financial losses. Nations like:
are at high risk of severe economic damage due to their reliance on the textile, garment, and manufacturing export sectors.
Bangladesh, the second-largest apparel exporter in the world after China, stands to lose up to $3.3 billion in annual exports to the US if the current trade tensions continue. The country’s export-driven economy could face rising unemployment and factory closures.
The UN urges developed nations and global trade bodies to take immediate steps to mitigate the damage caused by the US-China trade war. Suggested solutions include:
If no resolution is reached, the trade war could push millions of people in developing countries into poverty, reverse sustainable development goals, and increase global inequality. The UN emphasizes that the impact of tariffs could exceed the damage caused by foreign aid cuts.
The world now waits to see if the US and China will engage in dialogue to resolve the conflict — or risk sending shockwaves across the global economy.
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Date: 11-Apr-2025
China has raised tariffs on US goods from 84% to 125%, responding to US sanctions linked to fentanyl production, sparking global trade concerns.
Date: 12-Apr-2025
China has raised tariffs on US goods from 84% to 125%, responding to US sanctions linked to fentanyl production, sparking global trade concerns.
