UNIDO Voices Alarm Over U.S. Tariff Hikes Impacting Global Economy
(MENAFN) The United Nations Industrial Development Organization (UNIDO) expressed serious concerns on Friday regarding the negative impact of recent tariff increases by the United States on global economic growth and industrial advancement.
UNIDO criticized these tariff hikes, claiming they "take the wrong approach" and lack adequate justification for their anticipated benefits. The organization highlighted that such tariffs elevate production costs, reduce economic efficiency, and compromise the benefits of trade, ultimately diminishing global competitiveness.
The report warns that these tariff policies could jeopardize jobs worldwide, particularly in the most vulnerable nations. UNIDO stressed that the effects of rising tariffs will not be confined to these countries but will also adversely affect the U.S. and other nations that implement similar policies, thereby heightening geopolitical tensions and uncertainty.
"Rather than erecting barriers to industrial trade, a fairer and sustainable global economy should be the goal," stated UNIDO Director General Gerd Mueller. He called for improved collaboration between the U.S. and industrialized nations with developing countries to establish a more equitable and sustainable global economy that promotes long-term prosperity for all.
In its economic outlook for 2025 released on Thursday, the World Trade Organization projected a 0.2 percent drop in global trade, which is notably 2.9 percentage points lower than the baseline. This downturn is linked to U.S. tariffs and the uncertainties regarding future trade relations with the United States.
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