An escalation in global trade tensions would hurt the US more than its economic rivals, research from the European Central Bank has claimed.
An ECB paper published on Wednesday found that if President Donald Trump’s administration was to raise tariffs and other barriers on imports by another 10 per cent — and other countries were to retaliate — growth would drop more sharply in the US than in either the euro area or China.
The research comes amid signs that the EU will be drawn into a conflict that so far has mostly involved the imposition of barriers between Washington and Beijing.
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