Tariff hikes to cause global trade slowdown, WTO says

The global trade outlook has "deteriorated sharply" following the United States' worldwide tariff wars, the World Trade Organization warned on Wednesday.

According to the WTO's latest "Global Trade Outlook and Statistics" report, the volume of global goods trade is expected to decline 0.2 percent this year, which is almost 3 percentage points lower than it would have been without the recent tariff hikes by the US. A modest recovery of 2.5 percent is expected next year, the report said.

Ralph Ossa, the WTO's chief economist, said, "This marks a notable reversal from earlier in the year, when our economists anticipated continued trade expansion, supported by improving macroeconomic conditions.