Even Former PM of Belgium Captions G7 Photo: “Just tell us what Vladimir has on you. Maybe we can help.” https://t.co/waBeJxWSp0
— Muckmaker™ (@RealMuckmaker) June 11, 2018
If you loved the 2008 crash, you’ll love Trump’s tariffs:
The World Bank is warning that trade tensions between the United States and other countries could hurt global trade as badly as the financial crisis did in 2008.
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.”
The World Bank’s assessment comes as President Trump has levied steep tariffs on U.S. allies, prompting other countries to impose their own retaliatory tariffs.
Whatever it was you wish you’d done before the last crash, I’d do it now. If you have a 401K, call the broker and put your money in an index fund.