How tariff war between US and China threatens Commonwealth summit
Trade liberalisation is Commonwealth leaders’ top priority as global commerce growth hits record highs
The Commonwealth heads of government meeting this week takes place as rumblings of a trade war between two of the world’s superpowers increase. Trade liberalisation is the top priority for the meeting in London and Windsor, yet the threat of tariff wars between the US and China dampens the prospects for global trade growth. Intra-Commonwealth trade is estimated at about $700bn and is projected to exceed the $1-trillion mark by 2020. The Commonwealth has 53 member states, most of them former territories of the British Empire. In Africa 19 countries, including SA, are members of the intergovernmental organisation. Roberto Azevedo, head of the World Trade Organisation (WTO), has said in a BBC News interview that global trade has grown the fastest yet in the past six years. US President Donald Trump, however, announced plans for a 25% tariff on US steel imports from countries such as China and a 10% tariff on aluminium. China retaliated by imposing tariffs on US goods and has threatened...
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