Article 3SX41 There’s no panic yet: but Trump’s trade war could get out of hand

There’s no panic yet: but Trump’s trade war could get out of hand

by
Guardian Staff
from Economics | The Guardian on (#3SX41)

The president's tough tweets about EU car imports on Friday create another unstable element in a widening confrontation

It's a skirmish, no more than that. The trade tariffs going up around the world might be adding millions to the cost of importing goods, but it's not a war and it won't mean the end of global growth. Or at least that seems to be the general view. The International Monetary Fund (IMF), the Organisation for Economic Cooperation and Development (OECD), and the majority of investment banks and thinktanks do worry about the latest round of niggly tit-for-tat tariff battles. They have condemned them, and some - including the IMF's boss, Christine Lagarde - have rounded on the main protagonist: President Donald Trump. But have they begun to panic? Not yet.

The European Union's retaliation against steel and aluminium tariffs imposed by Trump were announced last week and amounted to $3.4bn on US products including bourbon, peanut butter and orange juice.

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