OECD Report Says Trade War Could Take $600 Billion From World Economy

Published on 21 May 2019, 19:51
Business Insider reports the Organization for Economic Cooperation and Development warned Tuesday that escalation in the trade war between China and the U.S. could lead to a decrease in the global gross domestic product by as much as 0.7%, or approximately $600 billion, by 2021. Bloomberg Economics has released similar estimates. The US and China have hit each other with tariffs on roughly $360 billion worth of their products. Tensions between the two countries escalated last week after the Trump administration banned telecommunications products from "foreign adversaries," such as China.

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