The World Trade Organization (WTO) predicts a decrease in trade turnover between the US and China by 80% due to the introduction of reciprocal tariffs by these countries against each other.
"The escalation of trade tensions between the US and China creates a significant risk of a sharp decline in bilateral trade. "According to our preliminary estimates, trade turnover between these two countries could fall by 80%," said WTO Director-General Ngozi Okonjo-Iweala in a statement released by the organization's press service.
Earlier, US President Donald Trump said that the US administration would immediately raise trade tariffs on China to 125%.
Trump announced that he would impose a 104% tariff on Chinese products until the Chinese authorities agree to a trade agreement with the US. In response, China raised tariffs on US goods from 34% to 84%.