LONDON (Reuters) – Fresh tariffs might be harmful to international development and lead retaliation and a vicious cycle of trade war, European Central Bank Vice President Luis de Guindos stated after Donald Trump won the U.S. governmental election appealing brand-new trade barriers.
“Tariffs, trade barriers, protectionism is going to be harmful to the worldwide economy,” de Guindos stated at a conference in London. “I hope the choices taken do not generate any sort of trade war.
“If you enforce a tariff, you need to remember that the other celebration is going to respond, and it's going to strike back, which might trigger vicious cycle of in regards to inflation, tariffs, which might be the worst possible outcome and result,” he stated.
