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- US-EU tariffs could trigger a snowball effect with further retaliation - UN labor agency chief
US-EU tariffs could trigger a snowball effect with further retaliation - UN labor agency chief
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.
Guy Ryder, director general of the International Labour Organization (ILO), said that when world leaders threaten retaliatory measures, business owners and workers lose confidence in the benefits of trade, and trust is eroded.
“I can’t think of a time when people felt more uncertain about their futures,” said Ryder, adding that this unpredictability has “dripped into our political life, as well as our economic and social interaction.”
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