Newenglanddeac
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Oh great.
In its Global Economic Prospects report, the World Bank warns that tariff increases would have "severe consequences" for global trade and could cause a decline similar to that seen in 2008, or worse if tariffs are increased beyond the maximum level allowed by the World Trade Organization.
"A broad-based increase in tariffs worldwide would have major adverse consequences for global trade and activity," the report reads. "An escalation of tariffs up to legally-allowed bound rates could translate into a decline in global trade flows amounting to 9 percent, similar to the drop seen during the global financial crisis in 2008-09."
In its Global Economic Prospects report, the World Bank warns that tariff increases would have "severe consequences" for global trade and could cause a decline similar to that seen in 2008, or worse if tariffs are increased beyond the maximum level allowed by the World Trade Organization.
"A broad-based increase in tariffs worldwide would have major adverse consequences for global trade and activity," the report reads. "An escalation of tariffs up to legally-allowed bound rates could translate into a decline in global trade flows amounting to 9 percent, similar to the drop seen during the global financial crisis in 2008-09."