New trade barriers imposed by G20 economies threaten to crimp the global economy, the World Trade Organization said in a report published on Monday.
G20 nations implemented 20 new trade-restrictive measures between mid-October and mid-May, including higher tariffs, import bans and new customs procedures for exports. Those measures affect goods worth $335.9bn, the second-highest figure recorded since the WTO began tracking it in May 2012. The WTO noted that the size of restrictive trade policies has spiked in the last two reporting periods, with the prior period representing the highest on record at $480.9bn.
The same economies also introduced 29 measures aimed at facilitating trade, such as eliminating or reducing tariffs and adding export duties, covering an estimated $397.2bn.