The collateral damage of the United States’ trade wars is being felt from the fjords of Iceland to the auto factories of Japan.
As the IMF’s gathering of 189 member-nations drew to a close, the unintended negative impacts of the trade wars were becoming clear, IMF managing director Kristalina Georgieva said. “Everybody loses.” More than 40 percent of Germany’s GDP was derived from exports in 2018, the most of any major global economy. Uncertainty in the business community is widespread, German Finance Minister Olaf Scholz told reporters.
The pain is being felt in countries that don’t rely on exports too, such as Iceland, which became the first developed economy to seek aid from the IMF after a 2008 banking collapse. Since then, it has rebuilt its economy in what’s been called a miraculous recovery. Now, that is threatened. The softness in production was largely due to car exports to the United States turning weaker, after growing steadily until the spring, a government official said at a briefing.
Christopher Cabaldon, the mayor of West Sacramento, California, said bids for a US$100 million infrastructure project in the city came in 80 percent higher than expected in part because of construction firms’ need to factor in higher costs and the risk of additional tariffs in the future.
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