The World Trade Organization (WTO) provides an overview of the impact of tariffs on world trade with the publication of the ‘Global Outlook and Statistics’ document, on Wednesday 16 April. The Organization forecasts a decline in world merchandise trade of 0.2% in 2025, based on the tariffs applied as of 14 April. The so-called “reciprocal” tariffs of US President Donald Trump are therefore not taken into account. These could lead to a 1.5% decline in world merchandise trade, and...