Tariffs affect nearly 20 pct of global imports: WTO

Nearly a fifth (19.7 percent) of world imports are now affected by tariffs and similar restrictions, compared to 12.6 percent only a year ago, according to a report released this week by the World Trade Organization (WTO).

The report showed that the value of global goods imports affected by new tariffs and other import measures has increased more than fourfold from mid-October 2024 to mid-October 2025 compared to the prior 12-month period, marking the highest coverage in over 15 years of WTO trade monitoring.

At a formal meeting of the WTO's Trade Policy Review Body, WTO Director-General Ngozi Okonjo-Iweala warned that the global trading system is facing its most severe turbulence in 80 years, citing a sharp increase in unilateral tariff actions, heightened geopolitical tensions, and growing regional conflicts.

She noted that despite these challenges, the multilateral trading system has demonstrated "considerable resilience," with approximately 72 percent of global trade still conducted on a most-favored-nation (MFN) basis. The WTO will closely monitor developments in tariff measures and perform a new assessment of the MFN share of trade in the coming weeks, she said.

International Energy Agency (IEA) Executive Director Fatih Birol warned on Thursday that the global oil market may enter a "red zone" in July and August this year, as fuel demand rise and stocks dwindle.

Birol noted that the supply crisis triggered by the situation in the Middle East was initially cushioned by spare capacity in the global oil market, but that oil stocks are now gradually decreasing.

The 32 members of the IEA on March 11 unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market in response to disruptions caused by the Middle East conflict.

The IEA stands ready to coordinate further reserve releases if necessary, Birol added.