Escalating global trade wars chilled international commerce in the first quarter of the year, according to new figures from the OECD, with US imports from China experiencing their largest fall on record.
Among G20 economies imports were down 1.2 per cent between January and March compared with the previous quarter while exports were marginally higher by 0.4 per cent, the Paris-based international organisation reported on Tuesday.
As tensions increase ahead of China’s latest tit-for-tat tariff increase— $60bn of US goods will face levies from June 1 — indicators of global trade show companies are hunkering down.
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