Global economy could lose USD 430 billion due to Trump’s trade wars

Newsroom 18/07/2018 | 15:36

The global economy could lose USD 430 billion by 2020 if trade tensions continue to escalate, and US President Donald Trump will impose the new tariffs, warns the International Monetary Fund (FMI).

The FMI announced this week that the US could become the target of global retaliation after Trump’s trade-offset and stressed that the country is particularly vulnerable to repercussions.

“Our patterns suggest that if current trade policy threats will materialize and business confidence will decrease as a result, global output will be 0.5 percent lower than the current projection for 2020,” FMI said.

Comments are part of the latest report on the outlook for the global economy that was released early this week.

Commercial tensions remained high as Donald Trump relaunched the USD 10 trillion threat of 10 percent Chinese commodity charges, while naming Europe as one of the biggest enemies.

EU Council President Donald Tusk urged Americans and Chinese to prevent global chaos and leave the world order intact.

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