The Director General of the World Trade Organization, Ngozi Okonjo-Iweala has come out to warn against any reciprocated trade wars prompted by the United States and President Donald Trump’s tariff threats on different countries. She recently had her say while speaking during the World Economic Forum annual meeting at the Swiss resort of Davos, and Nigerians have been reacting.
According to her, other states should refrain from responding in kind to Trump, because such a situation would end up being catastrophic for the world at large.
Ngozi added that a tit-for-tat retaliation will definitely result in double-digit global GDP losses.
Her words, “If we have tit-for-tat retaliation, whether it’s 25% tariff (or) 60% and we go to where we were in the 1930s we’re going to see double-digit global GDP losses. That’s catastrophic. Everyone will pay.
We’ve seen this movie, as I said, elsewhere in the 1930s with the Smoot-Hawley Act. It made it worse.
We’re very much saying to our members at the WTO, you have other avenues, even if a tariff is levied, please keep calm.”
WOW.
Donald John Trump (born June 14, 1946) is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
Trump graduated from the University of Pennsylvania with a bachelor’s degree in economics in 1968. He became president of his father’s real-estate business in 1971 and renamed it the Trump Organization. He expanded its operations to building and renovating skyscrapers, hotels, casinos, and golf courses and later started side ventures, mostly by licensing his name. From 2004 to 2015, he co-produced and hosted the reality television series The Apprentice. He and his businesses have been plaintiff or defendant in more than 4,000 state and federal legal actions, including six business bankruptcies.
Donald John Trump was born on June 14, 1946, at Jamaica Hospital in Queens, New York City, the fourth child of Fred Trump, a Bronx-born real-estate developer whose parents were German immigrants, and Mary Anne MacLeod Trump, an immigrant from Scotland. Trump grew up with older siblings Maryanne, Fred Jr., and Elizabeth and younger brother Robert in the Jamaica Estates neighborhood of Queens, and attended the private Kew-Forest School from kindergarten through seventh grade.
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