The retail and wholesale sector has been the hardest hit globally, according to the International Labour Organization.

Quarantine measures and factory and retail store closures have significantly suppressed consumer demand, leading to sharp cutbacks in orders.

The World Trade Organization said overall global trade could drop between 13 and 32 percent due to the crisis.

Shiseido, Abercrombie & Fitch Europe and Louis Vuitton were second, third and fourth, respectively, in the number of trademark applications made last year, a study found.

The demand shock will be the biggest factor pushing down investment in all sectors, including services, as earnings plummet.

The retail, travel and tourism sectors are seen as especially vulnerable to job losses as a result of the crisis.

A U.N. report estimated that the total impact on exports in global value chains from the virus will be up to $50 billion.

Shipments from China fell 25 percent in the first half of 2019, including a steep decline in textile and apparel exports.

The increase in fashion applications worldwide stems from companies’ desire to protect their trademarks, officials at the World Intellectual Property Organization said.

After being given the green light from the WTO, the U.S. will impose tariffs on $7.5 billion of European goods.

A raft of luxe goods including handbags and suits could soon be hit with tariffs, leaving brands little choice but to raise prices.

With a compromise deal reached, the U.S. gets a green light to increase rates beginning July 1, 2020.

Roberto Azevedo will urge G20 leaders at the Osaka summit to take action to ease trade tensions and says a meeting between Trump and Xi Jinping would be a welcome sign.

But only if limited to the trade conflict, and not if there are moves to suppress and contain China’s further development.

Special economic zones outside of China are seeing investments rise.