a significant escalation in trade tensions may undermine global trade activities and the process of sustained economic recovery

- May 24, 2018 -

The communique stated that a significant escalation in trade tensions may undermine global trade activities and the process of sustained economic recovery. If the United States substantially increases import tariffs for all trading partners, and trading partners implement corresponding retaliatory measures, then global trade activity will decline, and the United States may be particularly affected. Rising prices of imported goods will increase production costs and reduce household purchasing power, thus affecting consumption, investment, and employment. In addition, economic uncertainty will also aggravate global financial market turmoil.

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