World Trade Organization says trade between US and China is expected to plunge by 81% in ‘decoupling’

Donald Trump’s tariffs will send international trade into reverse this year, depressing global economic growth, the World Trade Organization has warned.

In its latest snapshot of the global trading system, the Geneva-based institution says it had previously expected goods trade to expand by a healthy 2.7% this year. As a result of Washington’s trade policy, it is now forecasting a 0.2% decline.

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Trump claims ‘China wants to make a deal’ after raising tariffs to 125%, while 90-day pause for most countries sparks market surge

• Trump pauses plans to hike US tariffs on most countries except China
• ‘I know what I’m doing,’ says Trump before pausing tariffs
• Full list of Trump tariffs: a country-by-country look

Today’s tariffs follow Trump’s 10% tariff on all imports from many countries, including Australia, which came into effect at the weekend.

US customs agents began collecting the unilateral tariff at US seaports, airports and customs warehouses on Saturday. Today’s measures are higher levies on goods from 57 larger trading partners.

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