World Bank President Ajay Banga on Wednesday said a broad-based liberalisation among emerging markets could offset risks of “reciprocal” tariffs that they could face.
Speaking to reporters ahead of next week's World Bank and IMF Spring Meetings in Washington, Mr Banga said higher tariffs placed by developing markets create a “real risk of reciprocal tariffs and, most importantly, lost competitiveness”.
Mr Banga's remarks come as US President Donald Trump's tariff regime has upended the norms of global trade that have been observed for decades. Before his tariff reversal last week, many of Mr Trump's harshest reciprocal tariffs were imposed on developing countries such as Vietnam (46 per cent), Cambodia (49 per cent) and Lesotho (50 per cent).
Low-income countries typically have a higher tariff rate than advanced economies to protect their domestic industries and generate government revenue.
Mr Banga also said he saw untapped potential in deeper regional integration among emerging market economies.
“Strengthening regional ties through more efficient border processes, lower trade costs, less friction, clear rules of origin – these can boost trade volumes and support more stable and diversified growth,” he said. “These aren't abstract principles, they're practical strategies, and they could be done with these countries.”
Mr Trump's trade policies have wrought a heightened degree of uncertainty for the global economic outlook and dampened investment sentiment.
“That's the part I don't know how to predict, how long it takes to get out because most of this is caused by the current discussion on trade,” Mr Banga said, noting he is encouraging dialogue.
A separate report from the World Trade Organisation released earlier on Wednesday showed tariffs and uncertainty pose “severe downside risks” to global trade. The WTO currently predicts global goods trade to fall by 0.2 per cent this year after previously forecasting it to grow by 2.7 per cent.
Next week's gatherings in Washington also come as the Trump administration targets multilateral institutions such as the World Bank and the International Monetary Fund. Since his second term began, Mr Trump has withdrawn the US from the Paris Climate Accord and World Health Organisation, and ceased US participation with several UN agencies.
Mr Banga said he does not know how much the US – as well as some European countries – will contribute to the International Development Association, which supplements the World Bank's main lending arm.
The US is the largest shareholder of the World Bank, holding 17.25 per cent of the Washington-based multilateral's shares. Mr Banga said the World Bank has had active discussions with the new US administration.
“I don't know where it'll end, but I've got no problem with the dialogue I'm having. They're asking the right questions, and we're trying to give them the right answers,” he said.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
More from Rashmee Roshan Lall
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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List of alleged parties
- May 15 2020: Boris Johnson is said to have attended a Downing Street pizza party
- 27 Nov 2020: PM gives speech at leaving do for his staff
- Dec 10 2020: Staff party held by then-education secretary Gavin Williamson
- Dec 13 2020: Mr Johnson and his then-fiancee Carrie Symonds throw a flat party
- Dec 14 2020: Shaun Bailey holds staff party at Conservative Party headquarters
- Dec 15 2020: PM takes part in a staff quiz
- Dec 18 2020: Downing Street Christmas party
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THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
KILLING OF QASSEM SULEIMANI
UAE currency: the story behind the money in your pockets
the pledge
I pledge to uphold the duty of tolerance
I pledge to take a first stand against hate and injustice
I pledge to respect and accept people whose abilities, beliefs and culture are different from my own
I pledge to wish for others what I wish for myself
I pledge to live in harmony with my community
I pledge to always be open to dialogue and forgiveness
I pledge to do my part to create peace for all
I pledge to exercise benevolence and choose kindness in all my dealings with my community
I pledge to always stand up for these values: Zayed's values for tolerance and human fraternity
The years Ramadan fell in May
