The WTO’s new Trade Monitoring Report issued on November 21 shows that G20 economies from mid-May to mid-October 2019 introduced import-restrictive measures covering an estimated US$ 460.4 billion worth of traded merchandise. This represents a 37% increase over the previous period going back to mid-October 2018, and is second only to the US$ 480.9 billion coverage of import-restricting measures reported between mid-May and mid-October 2018.
The report notes that with restrictions accumulating over time, the share of global trade covered by such measures has soared. WTO director-general Roberto Azevêdo called on G20 economies to de-escalate trade tensions to spur investment, growth and job creation.
“The report's findings should be of serious concern for G20 governments and the broader international community. Historically high levels of trade-restrictive measures are having a clear impact on growth, job creation and purchasing power around the world. We need to see strong leadership from G20 economies if we want to avoid increased uncertainty, lower investment and even weaker trade growth,” he said.
