Trade is getting more restrictive around the globe. In the six months through October, newly introduced trade restriction policies in G20 countries covered the 2nd highest amount of goods on record, according to a new report from the World Trade Organization.
G20 economies implemented 28 new trade-restriction measures in the last six months — not just through tariff increases, but also through import bans and stricter customs procedures.
- What they're saying: “The report's findings should be of serious concern for G20 governments and the broader international community,” WTO Director-General Roberto Azevêdo said in the release.
- “New trade restrictions and increasing trade tensions will only add to the uncertainty that is dragging down growth in the world economy.”
Separately: Economists at the Organisation for Economic Cooperation and Development said on Thursday that “trade conflict, weak business investment and persistent political uncertainty are weighing down on the world economy and raising the risk of long-term stagnation.”
- The report also warns that ratcheting up the U.S.-China trade war would “disrupt supply networks and weigh on confidence, jobs and incomes.”
Go deeper: The mixed signals on global trade