In a fresh report, the UN Conference on Trade and Development examined the repercussions of bruising tariff hikes imposed by the world's two largest economies, and found that both were left considerably worse off."A lose-lose trade war is not only harming the main contenders, it also compromises the stability of the global economy and future growth," head of UNCTAD's international trade and commodities division Pamela Coke Hamilton said in a statement.
UNCTAD economist Alessandro Nicita told reporters in Geneva that during the initial phase of the conflict, "most of the costs of the tariffs have been passed down to US consumers or firms." Mexico also saw a significant export-hike, raking in an additional $3.5 billion in exports to the US, especially in the agri-food, transport equipment and electrical machinery sectors.
Nicita pointed out that a different set of countries were likely benefiting from the tariffs imposed on US goods, pointing for instance to increased Brazilian soybean exports to China.
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