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Progressive closing of US economy to damage global trade growth: ICC

Press Trust of India  |  New Delhi 

Expressing concerns over increasing trade tensions, (ICC) today said closing of the US would damage both American and global trade growth prospects.

ICC said that open markets underpinned by the rule-based multilateral trading system have been a vital of prosperity across the world and any erosion of that system will come at "quite a cost to us all".

"A progressive closing of the world's largest to trade will damage both US and global growth prospects. In an interconnected world, international commerce cannot be governed by zero-sum policy decisions," Mittal said in a statement.

He said that the chamber would encourage the US and all its trading partners to find new ways to resolve ongoing trade tensions through multilateral dialogue and without recourse to further tariff increases.

Tariff hikes will impact small businesses that often rely heavily on imported goods and services, he said.

The US has imposed high import duties on certain and aluminium products, triggering a global trade war.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 16:00 IST