UN: Tariffs to Have 'Catastrophic Impact' on Developing Countries, Worse Than Foreign Aid Cuts

"Reciprocal tariffs" and countermeasures could have a catastrophic impact, even worse than foreign aid cuts, on developing countries, the director of the United Nation's trade agency told Reuters on Friday.

Global trade could shrink by 3-7% and global GDP by 0.7%, with developing countries the worst affected, the International Trade Center said.