KPMG: A global trade war would be worse than 2009 global recession - AFR
|The Australian Financial Review (AFR) today published a report from KPMG, one of the Big Four auditors globally, underscoring the risks of a global trade war.
Key Headlines:
“A global trade war would be worse than many imagine.
Tipping much of Europe, the UK and Canada into recession.
Costing as many as 285,000 Australian jobs.
Economic shock likely to last longer than the global financial crisis.
Even a modest barrage of retaliatory measures against the Trump administration by target countries such as China would see Australia's economy shrink as trade flows are squeezed and global demand is suppressed.
A more dramatic round of tit-for-tat actions that would raise tariffs on goods by an average of 10 percentage points would trigger a 1 percent fall in Australian gross domestic product and wipe out more than half the employment gain of the past 12 months, the firm found.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.