Global trade may suffer its worst year as US-China fight intensifies

Economists say a full-scale global trade war could push annual global economic expansion down to about 2% a year from now

ING joined the ranks of banks warning about an escalating US-China standoff, saying global trade is likely to suffer its worst year since the financial crisis.
 

The Dutch bank sees world trade growing just 0.2 per cent this year under its central scenario that includes US tariffs on all Chinese goods, as well as on auto imports from Europe and Japan. Should the parties come to an agreement, there’ll be a compensatory rally and trade growth will accelerate to about 2 per cent in 2020, according to authors Raoul Leering and Timme Spakman.
 

Already, manufacturing figures in Asia and Europe have