In view of rising trade tensions caused by proposed tit-for-tat tariff increases, the International Chamber of Commerce (ICC) has issued the following statement.
ICC Chairman Sunil Bharti Mittal said:
“Open markets underpinned by the rules-based multilateral trading system have been a vital driver of prosperity across the world over the past 50 years. Any erosion of that system will come at quite a cost to us all.
“Tariff hikes will inevitably impact small businesses that often rely heavily on imported goods and services. Longstanding US trade policies, such as the Generalized System of Preferences (GSP), have been shown to play a key role in supporting the growth of domestic small businesses and associated job creation.
“A progressive closing of the world’s largest economy to trade will damage both US and global growth prospects. In an interconnected world, international commerce cannot be governed by zero-sum policy decisions. We encourage the US and all it’s trading partners to find new ways to resolve ongoing trade tensions through multilateral dialogue — and without recourse to further tariff increases.”