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Trump's China trade war risks damaging US economy, says OECD
Source: The Guardian
Trump's China trade war risks damaging US economy, says OECD
Intensification of tariff dispute also likely to knock almost $600bn off world economy
Richard Partington Economics correspondent
Tue 21 May 2019 10.00 BST Last modified on Tue 21 May 2019 16.10 BST
Donald Trump has been warned by the west’s most influential economics thinktank that further escalation of the US-China trade war would unleash significant damage for the American economy, as well as the rest of the world.
The Paris-based Organisation for Economic Co-operation and Development (OECD) said that an intensification of the dispute between Washington and Beijing would likely knock as much as 0.7% off the level of global GDP by 2021-22.
Under such a scenario, the hit to the world economy from higher tariffs could be quantified at almost $600bn (£472bn).
Issuing a downbeat assessment of the global economy as the standoff between the world’s two biggest economies continues to simmer, the OECD said the world’s economic momentum had weakened markedly and that growth was set to stay at a subpar rate as the tensions over trade persist. It said both the US and China stood to lose out from the imposition of higher tariffs.
-snip-
Intensification of tariff dispute also likely to knock almost $600bn off world economy
Richard Partington Economics correspondent
Tue 21 May 2019 10.00 BST Last modified on Tue 21 May 2019 16.10 BST
Donald Trump has been warned by the west’s most influential economics thinktank that further escalation of the US-China trade war would unleash significant damage for the American economy, as well as the rest of the world.
The Paris-based Organisation for Economic Co-operation and Development (OECD) said that an intensification of the dispute between Washington and Beijing would likely knock as much as 0.7% off the level of global GDP by 2021-22.
Under such a scenario, the hit to the world economy from higher tariffs could be quantified at almost $600bn (£472bn).
Issuing a downbeat assessment of the global economy as the standoff between the world’s two biggest economies continues to simmer, the OECD said the world’s economic momentum had weakened markedly and that growth was set to stay at a subpar rate as the tensions over trade persist. It said both the US and China stood to lose out from the imposition of higher tariffs.
-snip-
Read more: https://www.theguardian.com/business/2019/may/21/trump-china-trade-war-us-economy-oecd-tariff