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The Economic Times

Economy / The Economic Times

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A 'Prisoners Dilemma' is driving the trade war & the costs could be huge

The WTOs World Trade Report 2026 says global trade is caught in a Prisoners Dilemma: countries have an incentive to protect their own markets, but when everyone raises tariffs and restricts imports, retaliation can shrink trade, raise prices and leave all sides worse off.

15 Sep 2026 3:15 pm