UN says EU could win big in US-China trade war

Neither protagonist in the US-China trade war stands to benefit from their stand-off, the UN said Monday, suggesting others could cash in instead, with the EU possibly winning big.

In a report, the UN Conference on Trade and Development (UNCTAD) examined the repercussions of the tariff tit-for-tat already under way between the two trade giants, as well as the expected impact of a significant tariff hike scheduled to take effect on March 1.

The report, titled "The Trade Wars: The Pain and the Gain", said that "bilateral tariffs alter global competitiveness to the advantage of firms operating in countries not directly affected by them".

It predicted that the European Union would be the biggest winner, taking home some USD 70 billion in additional trade thanks to the trade war.

Last year, Washington and Beijing imposed tariffs on more than USD 360 billion in two-way trade, after Trump initiated the trade war because of complaints over unfair trade practices.

The two countries hailed ...