The director general of the World Trade Organization (WTO), Brazilian Roberto Azevêdo, warned on Monday that responding with an “eye for an eye” is very dangerous and that a trade war as a result of protectionist decisions could lead to world to a “deep recession”. The EFE information was distributed by Agência Brasil.
“In the light of recent announcements on trade policy measures, it is clear that we now see a much greater and real risk of escalating trade barriers around the world,” Azevêdo said at a special meeting to discuss recent tensions after the US decision to announce an increase in import tariffs for steel and aluminum.
“We can not ignore this risk and I ask all parties to consider and reflect deeply on this situation. Once we take this path, it will be very difficult to change direction.” The policy of the eye for an eye will leave us all blind and the world in deep recession, “added the Brazilian diplomat.
Following the protectionist decision of President Donald Trump’s administration, several countries announced that they would not stand idly by and would establish tariffs and trade barriers on US products, raising the widespread fear of a world trade war. Trump responded by saying that trade wars “are good and easy to defeat.” “We have to make an effort to avoid the fall of the first pieces of this domino. We still have time,” said Azevêdo, showing the deep concern of the WTO, the governing body of world trade.