By Admin 
UN Secretary -General Antonio Guterres said amidst the dangers of the recession produced by trade war, that he hoped that this will not happen, because the poor will have to bear the consequences of it. He said a few hours before President Donald Trump applied the mutual tariff on Tuesday, “I sincerely hope that we will not have a recession, because the recession will have serious consequences, especially for the poorest people in the world.”
Talking to reporters, he said, “Trade war is very harmful. Nobody wins in this, everyone loses.” He said, “I am especially concerned about the weakest developing countries, because its effect will be worse on them.”
Trump has announced a 104 percent tariff on China, which came into force from midnight on Wednesday. In response, Beijing has announced to impose 34 percent tariffs. The United Nations Conference on Trade and Development (UNCTAD) said that “the need to improve business is clearly visible.”
What did UNCTAD general secretary Rebecca Grispan say
UNCTAD general secretary Rebecca Grispan said, “Global trade rules should be replaced keeping in mind the problems of today, but these changes should also ensure that they protect the weakest people and promote development.” He said, “This is the time to unite, not to increase stress.”
What did WTO Deputy Director General Angela Alard say
The World Trade Organization (WTO) Deputy Director General Angela Alard said that the initial analysis of the organization shows that the recently raised measures taken by the US and other countries can reduce the global goods trade this year.
This will be a significant decline of about four percent from the pre -estimate of three percent increase. Alard said that “despite the efforts to weaken the WTO system, 74 percent of the global trade is still under the WTO’s most-the nation (MFN) terms.”
He said that this shows that the World Trade Organization remains relevant and the multilateral system is working effectively. According to the World Trade Organization, China and Canada have already started the process of raising their disputes with the US. He has demanded counseling under the structure of the World Trade Organization, which will give the two sides a chance to interact and get 60 days to avoid suit. If you do not get success even after doing this, then they can request a decision by a panel.