The Director of the United Nations International Trade Center told Reuters on Friday that comprehensive customs duties during the administration of US President Donald Trump and the corresponding measures may have a catastrophic impact on developing countries and cause worse damage even than reducing foreign aid.

According to the center, global trade may shrink between three and seven percent, and global GDP may decrease 0.7 percent, and developing countries will be the most affected.

Global markets are still facing Friday's disturbances, following Trump's announcement of the suspension of customs duties for a period of 90 days on dozens of countries, while the fees on Chinese imports increased, which actually raises them to 145 percent when taking the fees imposed earlier in the year into account.

Beijing raised its customs duties on the United States with every Trump's increase. The Chinese Ministry of Finance said today that Beijing will impose customs duties by 125 percent on American goods as of tomorrow, up from 84 percent announced earlier.

The expectations of the International Trade Center are based on data that he collected, and does not reflect the impact of the suspension of customs duties for a period of 90 days and the increase of customs duties later between China and the United States.