Escalating trade tensions and tariffs between the U.S. and China could have significant global economic repercussions, according to IMF deputy managing director Gita Gopinath. She emphasized that increased protectionist measures would lower output, pressure inflation, and disrupt global supply chains, ultimately harming all parties involved. Maintaining strong U.S.-China relations is crucial for global economic stability, as unilateral actions threaten the rules-based trading system.
Extreme tariffs proposed by Donald Trump could disrupt disinflation efforts and lead to higher U.S. interest rates, according to Tim Adams, head of the Institute of International Finance. He warned that while some inflationary impacts might be absorbed in the short term, the overall economic package could exert upward pressure on prices. As Trump positions himself as a change candidate focused on protectionism, analysts express concerns about his potential isolationist policies compared to his opponent, Kamala Harris, who is expected to engage more with the global community.
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