'Nobody wins in a trade war,' UN chief warns

UNITED NATIONS - UN Secretary-General Antonio Guterres warns that "nobody wins in a trade war," his spokesman said on Friday.

Amid widespread opposition, US President Donald Trump on Wednesday signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners.

When asked about Guterres' comments on the latest tarriff policy of the White House, Stephane Dujarric, spokesman for the UN secretary-general, said that "in a trade war, nobody wins."

"Our concern right now is with the most vulnerable countries who are the least equipped to deal with the current situation," the spokesman said.

He noted that the UN Sustainable Development Goals would be impacted "negatively" by a global trade war.

The UN Conference on Trade and Development (UNCTAD) warned in a statement on Friday that tariffs imposed by the United States will harm vulnerable countries, adding that "the global trade system is entering a critical phase - threatening growth, investment, and development progress, particularly for the most vulnerable economies," as major economies are set to impose sweeping new tariffs.