WTO member states must stop "the fall of the first dominoes" in a trade war, the WTO Director General told negotiators in Geneva on Monday, according to a copy of his statement released days after an announcement by U.S. President Donald Trump on planned U.S. tariffs on steel and aluminium.
"In light of recent announcements on trade policy measures, it is clear that we now see a much higher and real risk of triggering an escalation of trade barriers across the globe," Azevedo said.
"We cannot ignore this risk and I urge all parties to consider and reflect on this situation very carefully. Once we start down this path it will be very difficult to reverse direction. An eye for an eye will leave us all blind and the world in a deep recession."
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