The World Trade Organization has warmed that global trade will face "strong headwinds" over the next two years as it reported that commercial tensions, a slowdown in the major economies and financial volatility triggered a sharp drop in trade growth last year.

WTO economists said on Tuesday that global trade grew 3 per cent in 2018 — a big downgrade compared with a forecast of 3.9 per cent growth last September. They added that the slowdown would continue this year, with expected growth of 2.6 per cent.

Roberto Azevêdo, director-general of the WTO, said ”It is increasingly urgent that we resolve tensions and focus on charting a positive path forward for global trade which responds to the real challenges in today’s economy — such as the technological revolution and the imperative of creating jobs and boosting development,” his warning comes amid high uncertainty over the fate of negotiations between the US and China, which are aimed at resolving the trade war that has hit both economies over the past year.

The Trump administration’s protectionist policies — including levies on steel and aluminum— are also clouding commercial relations between the US and key allies include Canada, Mexico and the EU.

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Written by Nicole