Business News
WTO Boss Okonjo-Iweala Raises Alarm as Trump’s Tariff Bomb Threatens Global Trade
World Trade Organization (WTO) Director-General, Dr. Ngozi Okonjo-Iweala, has expressed serious concern over the sweeping new tariffs announced by U.S. President Donald Trump on April 2nd, warning of a looming downturn in global trade.
In a statement released Friday, Okonjo-Iweala revealed that the WTO is “closely monitoring and analyzing” the situation, noting that multiple member nations have contacted the organization to understand the potential fallout for their economies.
President Trump, while signing the controversial executive order, lashed out at what he called “foreign cheaters” and announced stiff new tariffs: 20% on EU imports, 34% on Chinese goods, 26% on Indian products, and a staggering 49% on imports from Cambodia.
Okonjo-Iweala warned that the global consequences could be severe. “Early assessments show that these new measures, along with others introduced since January, may slash global merchandise trade volumes by 1% this year—marking a sharp 4-point drop from earlier forecasts,” she said.
She also raised fears of a potential full-blown trade war, urging restraint to avoid an escalating spiral of retaliation that could destabilize the global economy.
RELATED STORIES
WTO will support Nigeria to develop its health sector – Okonjo Iweala