MOSCOW, September 4. /TASS/. Trade wars could reduce global economic growth by 0.5%-0.7%, according to various expert estimates, Russian Deputy Prime Minister Alexander Novak said.
"This is a struggle for markets, protectionism, which in many ways contradicts the rules of international trade. It transforms international trade, forcing us to look for various schemes to bypass those high tariffs. And we see that sometimes trade flows do not decrease, but simply the same goods are supplied under the auspices of other countries. All this, naturally, increases transport and logistics costs, and in general, in my opinion, has a very negative impact on the global economy. According to many experts, such an increase in tariffs or, as they say, trade wars could reduce global economic growth by 0.5% to 0.7% by the end of this year," he said in an interview with the Rossiya-24 TV channel on the sidelines of the Eastern Economic Forum (EEF).
The 10th Eastern Economic Forum is taking place in Vladivostok from September 3 to 6 under the theme "The Far East: Cooperation for Peace and Prosperity." The business program features more than 100 thematic sessions divided into seven tracks. The forum has brought together over 4,500 participants from more than 70 countries and territories. The Roscongress Foundation is the organizer of the EEF, with TASS as its general information partner.