Rome, 30 May (LaPresse) – ‘The tightening of customs barriers could take almost one percentage point off global growth over two years.’ This was the conclusion of Bank of Italy Governor Fabio Panetta in his closing remarks. ‘The announcement of high tariffs’ by the US ‘seems to be used as a negotiating lever,’ but this is a strategy that can have effects that are difficult to predict and manage, and the succession of announcements, denials and revisions ‘fuels uncertainty and volatility,’ conditions that ‘risk amplifying the effect of tariffs and could continue over time.’ Furthermore, ‘the tariffs currently in force could reduce international trade by around 5%, triggering a reconfiguration of global production chains. This would result in a less integrated and efficient trading system.’
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