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Tariff increases could bring us back to 2008 crisis levels, World Bank warns

  • A ramp-up in the pace and scope of tariffs could set the world back to 2008 in terms of global trade levels, the World Bank has warned.
  • An escalation of tariffs up to legally-allowed bound rates could translate into a global trade flow decline of 9 percent, similar to the drop seen during the global financial crisis in 2008-09.
  • The hardest-hit areas would be emerging markets and sectors like agriculture and food processing.

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