According to the World Trade Organization’s (WTO) latest monitoring report on Group of 20 (G20) trade measures, the amount of trade covered by new import-restrictive measures hit a new high during the May to mid-October 2018 reporting period.
A total of 40 new trade-restrictive measures were applied by G20 economies during the review period, including tariff increases, import bans and export duties.
The estimated US$ 481 billion in trade coverage of these new measures imposed by G20 economies from mid-May to mid-October 2018 is more than six times larger than that recorded in the previous reporting period and the largest since this measure was first calculated in 2012.
The main sectors affected by trade remedy initiations during the review period were iron and steel and products of iron and steel followed by furniture, bedding, mattresses and electrical machinery and parts thereof.
G20 economies also implemented 33 new measures aimed at facilitating trade during the review period, including eliminating or reducing import tariffs and export duties. The trade coverage of new import-facilitating measures (US$ 216 billion) rose significantly during this period but is less than half that of trade-restrictive measures.
The G20 economies are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Republic of Korea, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States, as well as the European Union.
Source: WTO< Return