New Straits Times on Nostr: World Bank warns that US tariffs could reduce global growth outlook ========== The ...
World Bank warns that US tariffs could reduce global growth outlook
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The World Bank warned on January 17, 2025, that proposed US tariffs of 10% could lower global economic growth from 2.7% to 2.4% if retaliatory tariffs are enacted by trading partners. President-elect Donald Trump plans to impose a 10% tariff on global imports, a 25% tariff on imports from Canada and Mexico, and a 60% tariff on Chinese goods. The World Bank's simulations suggest a 10% increase in US tariffs could reduce US GDP by 0.4% and total negative impacts could reach 0.9% with retaliation. The Global Economic Prospect report forecasts flat global growth of 2.7% for 2025 and 2026, with developing economies facing their weakest long-term growth outlook since 2000. Foreign direct investment in developing economies is at half the level of the early 2000s, and global trade restrictions are five times higher than the 2010-2019 average. The report highlights a widening gap between rich and poor countries, with average growth rates in developing countries lagging behind wealthier economies since 2014.
#WorldBank #UsTariffs #GlobalGrowth #Economy #Trade #DevelopingEconomies #Gdp #Retaliation #ForeignInvestment #EconomicOutlook
https://www.nst.com.my/business/economy/2025/01/1162143/world-bank-warns-us-tariffs-could-reduce-global-growth-outlook
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The World Bank warned on January 17, 2025, that proposed US tariffs of 10% could lower global economic growth from 2.7% to 2.4% if retaliatory tariffs are enacted by trading partners. President-elect Donald Trump plans to impose a 10% tariff on global imports, a 25% tariff on imports from Canada and Mexico, and a 60% tariff on Chinese goods. The World Bank's simulations suggest a 10% increase in US tariffs could reduce US GDP by 0.4% and total negative impacts could reach 0.9% with retaliation. The Global Economic Prospect report forecasts flat global growth of 2.7% for 2025 and 2026, with developing economies facing their weakest long-term growth outlook since 2000. Foreign direct investment in developing economies is at half the level of the early 2000s, and global trade restrictions are five times higher than the 2010-2019 average. The report highlights a widening gap between rich and poor countries, with average growth rates in developing countries lagging behind wealthier economies since 2014.
#WorldBank #UsTariffs #GlobalGrowth #Economy #Trade #DevelopingEconomies #Gdp #Retaliation #ForeignInvestment #EconomicOutlook
https://www.nst.com.my/business/economy/2025/01/1162143/world-bank-warns-us-tariffs-could-reduce-global-growth-outlook