https://www.jacksjersey.com You got longer term protectionism and then you got COVID 19 coming in on top of that, EDC deputy chief economist Stephen Tapp told Reuters.Global trade was shrinking before the pandemic, with merchandise trade volumes slipping into the red in late 2018. In March 2020, those volumes declined 4.3% to a new low with the WTO predicting trade could plunge between 13% and 32% for the year.Canadian exporters see the wave of protectionism rising as the virus gives nations just one more reason to retreat into their own domestic economies.Almost two thirds expect protectionism to increase in the year ahead, a big jump from 35% in the previous survey. Protectionism is already affecting the strategies of 39% of Canadian exporters, with respondents citing higher tariffs, local policies or mindsets and government polices restricting trade.Nor are exporters optimistic that things are going to get better soon.
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