Tallying the trade war toll

Good afternoon. Here's what you need to know to end your day.

The U.S.-China trade war could mean a $600 billion hit to global GDP in 2021, the year of peak impact, according to Bloomberg Economics analysis. That's if tariffs expand to cover all trade between the sparring countries and markets slump in response. Read more of BE's analysis on what the increasingly messy and expensive spat could cost here.