An intensifying trade war between the U.S. and China is negatively impacting every country in the world, according to the director-general of the World Trade Organization (WTO), with workers earning lower salaries most likely to be hit the hardest.
The world’s two largest economies have imposed tariffs on billions of dollars’ worth of one another’s goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
Earlier this month, tensions between Washington and Beijing ratcheted up even further when both sides hiked charges on their goods once again. The U.S. also added Chinese telecom giant Huawei to it’s so-called “Entity List” — effectively banning the company from acquiring technology from U.S. firms without government approval.
This trade war is “holding back” investors and consumers and that’s hurting the expansion of the global economy, Roberto Azevedo, the director-general of the WTO, told CNBC’s “Street Signs” on Thursday.
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