India, March 4 -- If United States Donald Trump doesn't back down from its plans to impose high import tariffs, the global economy might collapse like the Great Depression of the 1930s, warned a senior official at the International Chamber of Commerce.

Andrew Wilson, deputy secretary-general of the ICC, which supports international commerce and trade, expressed his great concern that this may be the beginning of a downward cycle that would "put us in the trade war era of the 1930s," the WSJ reported.

A catastrophic worldwide recession during that decade was exacerbated by high taxes on foreign goods imported into the United States. The International Monetary Fund (IMF)found that the slump cut production in powerful industrial economies ...