WTO economists have downgraded their outlook on growth of global GDP this year from 2.8% to 2.2% due to the implementation of import tariffs by the US and reciprocity measures, according to the World Trade Organization Secretariat's Global Trade Outlook and Statistics update, SİA informs via TASS.
A downward adjustment resulted from new tariffs and heightened trade policy uncertainty, the WTO noted.
"The baseline forecast assumed that world GDP growth at market exchange rates would remain at 2.8% in 2025 before moderating to 2.6% in 2026. Following adjustment, GDP growth in 2025 should reach 2.2%, 0.6 percentage points," the report said.
On April 2, US President Donald Trump announced the introduction of tariffs on products from 185 countries and territories. Russia is not present on the list. Baseline tariffs of 10% came into force on April 5, while individualized ones became effective on April 9. Moreover, the US administration imposed customs tariffs in the amount of 25% on all imported cars starting April 3. Trump also declared a state of emergency in the country over the economic situation.
On April 9, Trump announced suspension of additional import tariffs imposed on a reciprocal basis for a number of countries and territories for 90 days. The White House explained that the pause was related to trade negotiations, adding that during this period, a universal tariff of 10% will be in effect. Concurrently, the US president raised tariffs on Chinese products to 125%. Considering the rate of 20% imposed earlier for allegedly inefficient efforts by governments of Canada, China, and Mexico in their fight against the fentanyl smuggling, the tariff on goods from China currently totals 145%.
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