US would lose out in trade war vs the world – European Central Bank

FRANKFURT AM MAIN, Germany --- Economic activity in the United States could fall more than 2 percent within a year if Washington launched a trade war on a wide front, European Central Bank researchers suggested Wednesday. The forecast comes as officials like ECB President Mario Draghi and World Trade Organization chief Roberto Azevedo warn of protectionism's rising threat to the world economy under Donald Trump's "America First" policies. To test the U.S.-against-all global trade war scenario, the Frankfurt-based experts fed a set of assumptions into economic models produced by the ECB and the International Monetary Fund (IMF). They simulated Washington hitting all imports w...

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