The Governor of the Bank of England has warned that trade tariffs proposed by Donald Trump could cause a 'fracturing' of the global economy.
The Governor of the Bank of England has warned that trade tariffs proposed by Donald Trump could cause a "fracturing" of the global economy. Andrew Bailey told LBC's Tonight with Andrew Marr that protectionism is "not a good thing" as free trade stimulates growth.Mr Trump promised before his re-election that he would impose tariffs of between 10% and 20% on all goods imported into the US - a tactic designed to boost American companies and the country's economy.
Now, there are risks attached to it, and we have seen those risks. So there are obviously risks."Mr Bailey said those risks were on display with the war in Ukraine - "that if you're overly dependent on one part of the world for something... if it gets disrupted, that can have a bad effect." "So diversification... spreading, your sources of things, and trade is sensible and good.
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