'Neither side sees the benefit to cooperating as better than hanging tough... We expect that tensions will continue to escalate at least until the costs of doing so are too big to ignore.'
As President Donald Trump hammers heads of state to agree to new trade deals and threatens the use of tariffs at the G7 meeting in Biarritz, France, Morgan Stanley has predicted that recession is imminent, largely because of said tariffs.
On Friday, President Trump hiked tariffs on billions of dollars of Chinese goods in response to another round of announced duties coming from China. This round of trade escalation, wrote Morgan Stanley's U.S. public policy head Michael Zezas, is what could be what finally pushes the global economy off the edge and into recession."Friday's escalation of tariffs between the U.S.
US President Donald Trump gestures during a joint-press conference with French President Emmanuel Macron in Biarritz, south-west France on August 26, 2019. Morgan Stanley have warned Trump's trade war with China could lead to a recession.The president said Friday he would raise existing tariffs on $250 billion of Chinese goods to 30 percent from 25 percent starting on October 1.
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