Global tariffs can rise to 15-year highs, according to UBS

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UBS expects global tariffs to rise to maximum values in about 15 years amid escalating trade wars and the absence of an agreement after Brexit, MarketWatch reports. Bank experts believe that the impact of these factors may increase the average world import tariff by about 142 basis points. The cost of goods for which the United States at the end of September introduced 10 percent duty rose from $200 billion to $250 billion. And the return duties of China on goods from the United States increased their value from 60 billion dollars to 110 billion dollars. The administration of President Donald Trump also retained the duties on steel and aluminum from Mexico and Canada, despite the trade agreement reached with these countries. Leaders of the EU and the UK have not yet managed to make progress to sign an agreement on Brexit.

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