Latest U.S.-China tensions could be the trade version of 'the end of the world as we know it.'
"You want to think of it as something more than a pinprick, a little bit of damage, a little regression of the global trend that we've been seeing for many decades. But it has the potential to get worse," said Alan Blinder, a Princeton University economist. "We're not yet in a full-scale trade war, we're certainly not anywhere close to a full-scale currency war of competitive devaluations.
Blinder said one negative scenario would see the U.S. start to become alienated from the rest of the trading world as it continues to levy tariffs not only on China but also on such traditional allies as Europe, Mexico and Canada. From a credit perspective, Moody's Investors Service said tech, manufacturing and retail are most exposed as "the new tariffs will apply mainly to consumer goods and result in higher prices in the US for many everyday items such as electronics, clothing, footwear and toys."
"This is a necessary step in figuring out the rules of the road for greater globalization," he said. "All those issues out there are not going to be solved very soon, but this is what you have to do to get there."
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