‘GLOBAL ECONOMIC CRISIS’ warning as expert says US trade war could spark CATASTROPHE

Friday, August 31, 2018
By Paul Martin

THE ONGOING trade war between the US and China could spiral out of control into a “global economic crisis”, an economic expert has warned.

Fri, Aug 31, 2018

Former Singapore foreign and trade minister George Yeo said Mr Trump’s ‘America First’ policy was contributing to “a lot of anxiety all around”.

He said despite a short-term uplift in US trade and investment, the long-term forecast for the global economy was not cheery.

He told CNBC: “It is not good for us in the near term if it leads to a global economic crisis, which may well happen

“I mean we’ve just had Trump threatening to leave the WTO if it doesn’t change in the US favour.

“So all this is causing a lot of anxiety all around.

“Trump has repeatedly said, ‘I’m the only one who matters,’ and I think he’s shown by action that that’s absolutely true.

“Therefore, China has got to deal with him, in the end, directly.”

It comes at a time when economies across the globe are experiencing volatility and plunging economies.

Stock markets have been rocked after the Argentine peso nose-dived 12 percent, triggering a 60 percent interest rate hike by the nation’s central bank.

This followed a tumble from the struggling Turkish lira in what has been a fourth day of declines.

India followed suit when its rupee slumped to a record low against the US dollar today, which had toppled more than 11 percent since the beginning of the year.

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