Global trade slipsupin tariff war

Global trade is continuing to lose a little steam amid an escalating tariff battle between the world’s two biggest economies.

In a report yesterday, DHL said its trade barometer weakened in September, dropping to the lowest since 2016 and indicating a slower pace of growth in the months ahead. It noted “rising political tensions”.

“After months of hot conditions and bright prospects in world trade, temperatures are dropping,” said Tim Scharwath, chief executive of DHL Global Forwarding.

The conflict between the US and China escalated when Donald Trump’s administration slapped levies on $200 billion (Dh735 billion) of Chinese goods, and the latter retaliated by implementing its own tariffs and cancelling negotiations.