FAST FIVE: WTO Warns Global Trade May Plunge 17% In Full Trade War
Rockwell said tariffs aren't uncommon between trading partners, but the sheer magnitude of trade duties between the US and China since early 2018 have been disturbing.
This amount of tariffied trade comes in at seven times more than the previous year and doesn't include the recent tariff escalation.
Rockwell said, during the conference about international trade flows, that the WTO has reviewed 24 trade dispute settlement cases in 2018, mostly related to the deepening trade war between the US and China.
The increased trade tensions have forced the International Monetary Fund (IMF) to slash its global growth forecast from 3.7% to 3.5%.
The world is likely teetering on the edge of a trade recession, making the likelihood of global trade collapsing by 17% extraordinary high.