GENEVA: The ongoing trade war between the United States and China is harming both economies, the UN said on Tuesday , with a sharp drop in exports and higher prices for consumers.
The US-China trade war has since last year seen tit-for-tat tariffs imposed on hundreds of billions of dollars worth of goods.The UNCTAD analysis, which only looked at the impact of the US tariffs, found they had caused a 25 per cent decline in US imports of sanctioned Chinese products in the first half of 2019 alone.US CONSUMERS PAYING MOST
Mexico also saw a significant export-hike, raking in an additional US$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 benefitting from the tariffs imposed on US goods, pointing for instance to increased Brazilian soybean exports to China.
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