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You're listening to World Business Report here on the BBC World Service.
I'm Rahul Tandon.
Thanks so much for joining us.
It's been another busy day for the global economy.
Lots of conversations once again about tariffs.
We'll be hearing from the head of the US Central Bank very, very shortly.
Also hearing voices from the business community in the US,
Bangladesh and looking at what may take place in those tariff talks between Japan and the world's largest economy.
But let us start with the World Trade Organization,
because it is saying
that global trade will fall this year hit by the tariffs that have been imposed by the United States.
It's director Ngozi Akonja-Iwala warned
that a trade war between the world's two largest economies will that could affect the whole world.
Whilst US-China trade accounts for only around 3% of world-merch and ice trade,
a decoupling between the two major economies could have far-reaching consequences.
If it were to contribute to a broader fragmentation of the global economy along geopolitical lines into two isolated blocks,
our estimate suggests that global real GDP would be lowered by nearly 7% in the long term.
Here with some more details is our correspondent in Geneva, Imogen Figs.
This is based on general tariffs staying at 10%.