Economics
Trump's Trade War and the $470 Billion Hit to the Global Economy
- Analysis by Bloomberg Economics sees a blow to world growth
- EU responds to U.S. by saying it will ‘stand up to bullies’
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A full-blown trade war could cost the global economy $470 billion, according to Bloomberg Economics.
The U.S. decision to slap tariffs on steel and aluminum may just be the beginning, with President Donald Trump warning of more levies and other economies promising to respond. Cecilia Malmstrom, the European Union’s trade chief, vowed on Monday to “stand up to bullies.”