Global Macro Service > Research Briefings > United States

Tariffs nibble, but markets and confidence bite

While the US-China trade war has gradually eroded GDP over the past two years, the damage from the 25% tariffs on $250 billion of imports from China has been limited to only 0.3% of GDP. Looking ahead, however, the cocktail of slower global growth, increasingly erratic policies by the US administration and tariffs on consumer goods could prove toxic.

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