The world may soon enter 'very precarious waters' if we don't acknowledge the benefits that stem from international cooperation, Guy Ryder told CNBC.
Trade tariffs between the U.S. and Europe would precipitate a "snowball effect" and the world may soon enter "very precarious waters" if we don't acknowledge the benefits that stem from international cooperation, the head of the UN agency for workers and employers told CNBC.
On the same day European trade ministers arrive in Brussels for an informal lunch meeting with the outgoing EU trade commissioner Cecilia Malmstrom, a three-person arbitration tribunal appointed by the WTO is expected to rule on the value of trade countermeasures that the United States can soon impose on European goods, to offset decades and billions of dollars in state aid for European aircraft manufacturing giant,The U.S.
And with a similar WTO decision against a major Airbus competitor, American giant Boeing, likely to be issued in a few months' time, he said the EU should identify products from the U.S. that could be targeted for retaliatory tariffs.
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