WTO to Conduct Informal Discussions on Effects of Trade Disputes
On Tuesday, the World Trade Organization announced that informal discussions will take place with delegations regarding the current economic situation and its effects on the multilateral trading system.
TroibNews 
On Tuesday, the World Trade Organization announced its intention to conduct informal consultations with delegations regarding the current economic climate and its effects on the multilateral trading system.
A WTO official noted that Ambassador Saqer Abdullah Almoqbel of Saudi Arabia, the chair of the general council, is set to engage with interested delegations to address their apprehensions about recent developments in global trade. Details about which members will participate were not disclosed.
These discussions, scheduled for the coming week, will focus on “how WTO members could engage on these latest developments,” according to the official.
Recently announced "reciprocal tariffs" by the United States have escalated tensions globally, impacting international markets significantly, provoking reactions from other nations, and attracting criticism from economists and investors.
Former U.S. Treasury Secretary Lawrence Summers expressed concerns in an interview with Bloomberg TV on Tuesday, predicting that the U.S. is likely entering a recession, which could result in up to two million job losses due to the ongoing tariff hikes.
"It's more likely than not that we're going to have a recession – and in the context of a recession, we'll see an extra two million people be unemployed," Summers stated during Bloomberg Television's Wall Street Week.
He also projected that families could face income losses exceeding $5,000, stating, “We'll see losses in household income” of that amount or more. Summers, a professor at Harvard University and a paid contributor to Bloomberg TV, emphasized that the tariff strategies under the Trump administration surpass those from 1930 that "made the depression great," recommending that it would be prudent to "back off the policies that have been announced."
Despite Summers' warnings and those of other economists, the White House reaffirmed on Tuesday that the policies will proceed as intended.
Mathilde Moreau contributed to this article for TROIB News
A WTO official noted that Ambassador Saqer Abdullah Almoqbel of Saudi Arabia, the chair of the general council, is set to engage with interested delegations to address their apprehensions about recent developments in global trade. Details about which members will participate were not disclosed.
These discussions, scheduled for the coming week, will focus on “how WTO members could engage on these latest developments,” according to the official.
Recently announced "reciprocal tariffs" by the United States have escalated tensions globally, impacting international markets significantly, provoking reactions from other nations, and attracting criticism from economists and investors.
Former U.S. Treasury Secretary Lawrence Summers expressed concerns in an interview with Bloomberg TV on Tuesday, predicting that the U.S. is likely entering a recession, which could result in up to two million job losses due to the ongoing tariff hikes.
"It's more likely than not that we're going to have a recession – and in the context of a recession, we'll see an extra two million people be unemployed," Summers stated during Bloomberg Television's Wall Street Week.
He also projected that families could face income losses exceeding $5,000, stating, “We'll see losses in household income” of that amount or more. Summers, a professor at Harvard University and a paid contributor to Bloomberg TV, emphasized that the tariff strategies under the Trump administration surpass those from 1930 that "made the depression great," recommending that it would be prudent to "back off the policies that have been announced."
Despite Summers' warnings and those of other economists, the White House reaffirmed on Tuesday that the policies will proceed as intended.
Mathilde Moreau contributed to this article for TROIB News
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