The Director-General of the World Trade Organization, Ngozi Okonjo-Iweala, has warned that recent tariffs imposed by the United States could significantly affect global trade and economic growth.
On April 2nd, US President Donald Trump announced global tariffs on all imports, including a 14 per cent tariff on goods from Nigeria.
In a statement issued on Thursday, Okonjo-Iweala emphasised that the WTO is closely monitoring the situation and engaging with member countries about the potential economic impacts.
She noted that many WTO members have expressed concern, and the organization is working to address these concerns.
Okonjo-Iweala cautioned that these new tariffs, in combination with other trade measures introduced earlier this year, could result in a global trade contraction of about 1 percent, marking a downward revision of nearly four percentage points from previous estimates.
