Trump’s trade tariffs would threaten economic growth, Bank of England’s Lombardelli warns – business live

Rolling coverage of the latest economic and financial news

• Trump’s tariff threat sets stage for bitter global trade war

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

A day after Donald Trump announced plans for fresh tariffs on Canada, Mexico and China, policymakers around the world are digesting the consequences of “Tariff Man” Trump returning to the White House.

“I don’t want to speculate on the specifics but we know barriers to trade are not a good thing, whether they are tariffs or regulatory or others.

“Whether you are an economic historian, an economic theorist or a data-driven economist, the impact is clear in terms of its direction. In terms of its size, that depends on the circumstances.”

“The United States exports hundreds of billions of dollars worth of goods to these countries. Anyone who expects that they will stand pat and not retaliate has not been paying attention.” Continue reading...