05.03.2025 11:20
The International Chamber of Commerce has warned that U.S. President Donald Trump's tariffs could lead to a global recession in the world economy. It was reported that a downward spiral similar to the trade wars of the 1930s could begin.
U.S. President Donald Trump’s decision to impose tariffs on products from Canada and Mexico is causing deep concern worldwide. This time, these concerns were expressed by Andrew Wilson, Deputy Secretary General of the International Chamber of Commerce.
In a statement to the American media, Wilson said that due to the escalation of trade wars by the U.S., the global economy could face a damaging recession.
WARNING OF 1930s TRADE WAR
Wilson stated, "Our deep concern is that this tariff could be the beginning of a downward spiral that takes us into the trade war territory of the 1930s." He noted that the severity of any potential crisis depends on "whether the U.S. administration is willing to reconsider the benefits of tariffs." He added, "This puts us in a quite unstable position that will overshadow the global economy in the coming months."
U.S. President Donald Trump announced on Monday that tariffs have been imposed on products from Canada and Mexico. He also signed an executive order raising import taxes on goods from China to 20%.