Kazakhstan hails 90-day moratorium on increase of duties - Tokayev

ASTANA. April 11 (Interfax) - Kazakh President Kassym-Jomart Tokayev has welcomed the decision made by U.S. President Donald Trump to declare a 90-day moratorium on the increase of trade duties, the presidential press service said.

The trade war will affect all countries, the Kazakh president said, commenting on the situation on the global markets.

"At the same time, we welcome the rational decision made by President Trump to declare a 90-day moratorium to specify the positions of all countries involved in the trade conflict and to start talks, if possible. Experts are warning that the introduction of mutual tariffs can cause a serious decline of the global economy and irreversibly undermine all international trade rules with all ensuing consequences, including military conflicts," Tokayev said at a meeting with the public of Shymkent on Friday.

All key indexes were on minimal levels, and oil went below $60 per barrel at the beginning of the week, he said. However, an increase of quotations was recorded after the U.S. administration announced a tariff pause.

"The situation on the global stock markets and resource exchanges is extremely nervous now, although there are still signs of stabilization. Obviously, a transition to tough tariff confrontation policies is going on in the world. We are not talking just about a new recession, but a possible fundamental crisis, which affects the foundations of the global economy with extremely heavy consequences for the entire system of international relations," Tokayev said.

Kazakhstan is analyzing the situation, taking into account all possible risks, he said.

"No matter how difficult it is, Kazakhstan will not leave the planned strategic course towards comprehensive modernization. We will continue implementing large projects in the spheres of infrastructure, transport, industry, agriculture, digitalization, etc. And naturally, the state will fulfil its social obligations," Tokayev said.

On April 9, U.S. President Donald Trump made a decision to suspend for 90 days the enforcement of the decisions to increase the import duties on more than 75 countries, which had requested dialogue on the matter. These countries are expected to pay baseline 10% duties in this period.