NEW YORK, March 4. /TASS/. The global economy may face damaging recession due to the escalation of trade wars by the United States, The Wall Street Journal said, citing Deputy Secretary General of the International Chamber of Commerce Andrew Wilson.
"Our deep concern is that this [introduction of tariffs - TASS] could be the start of a downward spiral that puts us in 1930s trade-war territory," Wilson said, cited by the newspaper. Further development of the situation depends on "whether the US administration is willing to rethink the utility of tariffs," he noted.
"That puts us in a remarkably precarious position that will cloud the global economy for the coming months," Wilson said, cited by the newspaper.
US President Donald Trump said on Monday that tariffs are introduced against products from Canada and Mexico. He also signed the executive order that increases duties on imports from China to 20%.