Amman: The World Trade Organization (WTO) has warned that escalating trade tensions between the United States and China could lead to an 80% decline in trade volume between the two countries.
According to Jordan News Agency, the WTO noted, "This tit-for-tat approach between the world's two largest economies, which together account for about 3% of global trade, carries broader implications that could severely harm global economic forecasts."
The organization further highlighted that a division of the global economy into competing blocs could result in a long-term decline in global real GDP by nearly 7%.