No one can win a trade war, says Benoît Cœuré
Senior ECB official says US growth could be cut by 2.5% by tariff hikes
“There are no winners in trade wars, just different degrees of losers”, Benoît Cœuré warned in a speech today (April 6).
US economic growth could be cut by up to 2.5% in the first year of any trade war, the member of the European Central Bank’s governing council said.
“The benefits of globalisation have not been spread evenly, neither across nor within countries”, Cœuré told attendees at an economics workshop in Cernobbio, Italy. Economists “have not given sufficient consideration” to this
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