BERLIN: World Trade Organization chief Roberto Azevedo warned Monday against a damaging “escalation” of trade tensions between the United States and other major economies, following a divisive G7 summit. The joint communique that Trump rejected had vowed that G7 members would reform multilateral oversight of commerce through the WTO and seek to cut tariffs. Azevedo warned that “the rising trade tensions risk a major economic impact, undermining the strongest sustainable period of trade growth since the end of the financial crisis. “But, more than that, the systemic effects could be very damaging, risking a long-term impact on the global economy.”The US president came under fire at the contentious G7 summit of leading economic powers for his “America First” protectionist drive. Trump lashed out again at US allies Monday in Twitter messages focusing on “massive trade surpluses” that he said the United States has endured “for decades” with its closest allies.

Source: Manila Times June 12, 2018 16:39 UTC