World Bank urged to prepare for a possible deterioration in the trade

© RIA Novosti / Grigory to Sysoeva Photobacterium in the foreign exchange market. Archival photoWorld Bank urged to prepare for a possible deterioration in the trade© RIA Novosti / Grigory to Sysoeva the image Bank

Trade restrictions will lead to a slowdown in the global economy, and countries need now to think about measures in case of deterioration of the situation, said world Bank President Jim Kim at a press briefing during the annual meetings of the IMF and the world Bank.

«We must think now what to do now to prepare for a deterioration in trade. We work with all countries (shareholders of the world Bank — ed.) to prepare for a possible deterioration of the situation», — he said, commenting on the escalation of a trade war between the US and China.

Kim noted that the involvement of countries in trade restrictions, a slowdown in global economic growth.

The issue of trade restrictions, he said, is becoming critical to the overall agenda.

A trade war between China and the United States began after July 6 of this year came into force the mutual increased customs duties between these countries. USA imposed a duty of 25% on 818 import of goods from China total volume of supply in 34 billion dollars a year. As a countermeasure, China on the same day, imposed a duty of 25% on import of equivalent amount of American goods.

In late September, entered into force the new US tariff of 10% on goods from China import volume at $ 200 billion a year. China introduced in response to the fee at the rate of 10% and 5% on American imports with a volume of $ 60 billion.

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