By Hamsina From osun state, from the news room of presshub news update .
The ongoing trade tensions between the United States and Russia could have far-reaching global consequences, warns Dr. Ngozi Okonjo-Iweala, the Director-General of the World Trade Organization (WTO). In a recent statement, she highlighted the potential ripple effects of these policies on global trade, developing economies, and the fragile post-pandemic recovery.
Dr. Okonjo-Iweala, renowned for her expertise in international economics, expressed concern over the heightened tariffs and restrictive policies that have escalated the trade conflict between the two superpowers. “Trade wars create uncertainty in the global economy, disrupt supply chains, and increase costs for businesses and consumers alike,” she explained.
The former Nigerian finance minister also stressed that developing nations could bear the brunt of these tensions, as they rely heavily on a stable global trading system to sustain their economies. “These nations often lack the financial buffers to weather economic disruptions caused by trade wars,” she added.
Dr. Okonjo-Iweala urged the Biden administration to prioritize diplomacy and multilateral cooperation in resolving trade disputes. She emphasized the role of the WTO in fostering dialogue and maintaining a rules-based trading system that benefits all nations.
The warning comes amid rising geopolitical tensions, as nations navigate the delicate balance of economic interests and political alliances. Experts agree that prolonged trade conflicts could lead to higher prices for consumers, reduced global economic growth, and strained relations among key trading partners.
As the world watches closely, Dr. Okonjo-Iweala’s message serves as a timely reminder of the interconnected nature of global economies and the need for thoughtful, collaborative solutions.
Keywords:
US-Russia trade war, Ngozi Okonjo-Iweala, global trade consequences, WTO warning, international economics, developing economies impact, global supply chain disruption, Biden administration trade policies, geopolitical tensions.
