Renewed global trade tensions have led the airline industry’s top trade body to sharply downgrade its profit forecast for the year, underscoring the mushrooming impact of President Donald Trump’s trade war with China.
The International Air Transport Association, which represents about 290 airlines that account for more than 80 per cent of all air traffic, on Sunday cut its forecast for the industry’s overall profits this year to $28bn. That is down from the previous forecast in December of $35.5bn, and would represent a 7 per cent decline from 2018.
“Weakening of global trade is likely to continue as the US-China trade war intensifies,” said Alexandre de Juniac, Iata’s director-general and chief executive officer.
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