America News Agency

The report highlighted that while global trade is on track to reach a record-breaking $33 trillion in 2024, countries with large trade surpluses and high tariffs are more exposed to changes in US trade policies.

According to the report, the annual 3.3% growth in global trade was largely driven by a 7% increase in service trade, contributing $500 billion to overall expansion. Goods trade showed slower growth of 2% this year, remaining below its 2022 peak.

The report stated: "US tariff measures risk triggering retaliation and ripple effects that could impact industries and economies across entire supply chains. Even the threat of tariffs creates unpredictability, weakening trade, investment, and economic growth."

It also added: "Countries most exposed to changes in US trade policy are likely those with large trade surpluses and higher tariff barriers. Based on 2023 goods trade figures, these countries include China (approximately $280 billion trade surplus), India ($45 billion), the European Union ($205 billion), and Vietnam ($105 billion).

Other trade-surplus nations like Canada ($70 billion), Japan ($70 billion), Mexico ($150 billion), and the Republic of Korea ($50 billion) could also face risks despite applying relatively lower tariffs on US imports or having trade agreements with the country."

"The uncertainty surrounding the US dollar's value and macroeconomic policy changes in the US further intensifies global trade concerns."