Australian central bank Governor Philip Lowe slammed President Donald Trump’s tariffs proposal, warning escalation and retaliation could develop into a “very big shock for the global economy.”
In unusually strong language for the Reserve Bank of Australia chief, Lowe described Trump’s proposed tariffs on imported steel and aluminum as “highly regrettable and bad policy.” He urged other nations not to retaliate, saying the protection is “not a positive, but it’s manageable” for the world economy if only restricted to the two industries.