An all-out trade war could drag down global growth by far more than the direct economic impact of higher tariffs, the governor of the Bank of England has warned.
Speaking on the eve of the scheduled imposition of duelling tariffs by the US and China — which analysts fear could spiral into a broader trade war — Mark Carney said that Brexit highlighted the damage that could be wreaked by factors such as greater uncertainty.
As a result, he suggested, a 10 percentage point increase in duties by the US and its trading partners could, in a worst-case scenario, slow US output by as much as 5 per cent over three years.
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