Economists have warned that the global economic toll of President Donald Trump’s tariffs could result in a $1.4trn hit to welfare worldwide, with expectations that the UK could also be set to benefit from potential rerouting of trade.
"Widespread price hikes and inefficiencies" could be the result of a global trade war and retaliatory tariff spiral, according to a report from economists Jun Du and Oleksandr Shepotylo at Aston University. The report found that the 2018 US tariffs cost consumers $1.4bn per month in welfare losses; in the event that all countries targeted by Trump's levies retaliate with the same level of tariffs after ‘Independence Day' (2 April), leading to a potential $1.4trn global welfare loss. Wall Street giants hike recession risk expectations amid impending Trump tariffs In particular, US...
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