ING joined the ranks of banks warning about an escalating U.S.-China standoff, saying global trade is likely to suffer its worst year since the financial crisis.
The Dutch bank sees world trade growing just 0.2% this year under its central scenario that includes U.S. tariffs on all Chinese goods, as well as on auto imports from Europe and Japan. Should the parties come to an agreement, there’ll be a compensatory rally and trade growth will accelerate to about 2% in 2020, according to authors Raoul Leering and Timme Spakman.
