POST TIME: 8 March, 2018 04:02:30 PM / LAST MODIFIED: 8 March, 2018 05:32:01 PM
Global business concerned by “trade war” threat
Independent Online Desk

Global business concerned by “trade war” threat

International Chamber of Commerce (ICC) has said there will be no winners from a trade war but open markets are – and remain – the key driver of economic growth, prosperity and job creation across the world. 

In view of growing global trade tensions – following the U.S. administration’s announcement of plans to impose new duties on imports of steel and aluminium, the ICC made the observation in a statement on Thursday. 

"Families struggling to make ends meet will be hardest hit by any new tariffs which will inevitably push up prices at the till and restrict consumer choice," said the ICC.

In a globalized world, it said, trade is not a zero-sum game – and policy decisions must reflect this reality.

"We encourage the U.S. administration and its trading partners to seek alternative means to address the longstanding issue of excess capacity in the steel and aluminium markets," the statement reads.

Recent years have seen a notable decline in trade distorting measures in these sectors and further progress can only be made through enhanced multilateral dialogue. 

"Rising trade tensions must not become an excuse for recklessness: we urge all governments to act within the bounds of existing WTO rules and to commit to accelerated talks under existing international processes," the statement added.UNB