The head of the World Trade Organization said on Tuesday that a proposal by U.S. presidential candidate Donald Trump to impose a 10% tariff on imports would likely prompt retaliation from trading partners, resulting in a "lose-lose" situation.
"I think we will have a little bit of a free for all which would upend the stability and predictability of trade," said Ngozi Okonjo-Iweala in response to a question about the impact of Trump's proposal to slap a 10% tariff on all imports were he to defeat President Joe Biden in the Nov. 5 U.S. election.
"I hope sincerely that it will not happen," she added. "And if something happens that other members will keep a cool head and not retaliate so we can preserve the world trading system that's what I would pray."
