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When does a trade skirmish become a trade war?

​What are the risks from recent protectionist action, and what could move us from a trade ‘skirmish’ to a trade ‘war’? Protectionist moves to date will have a small near-term impact on the global economy. But the seeds of a more serious conflict are there. Possible warning signs would be US tariffs extending to Chinese industries such as consumer electronics and negative developments in the NAFTA negotiations and the US-EU trade relationship.

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