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Trump win rocks markets
The Citizen
|November 08, 2024
ECONOMY: WREAKS HAVOC ON RATE-CUT PLANS
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Central bankers the world over are gauging whether their worst fears over Donald Trump will come to pass following his resounding return to the US presidency.
Trump has promised levies on US imports that would upend global trade, tax cuts that would further stretch the federal budget and deportations that could shrink the pool of cheap labour.
That poses two main risks: slower economic expansion around the world and faster inflation at home that would make the Federal Reserve less willing to lower interest rates. The upshot could be a stronger dollar and reduced scope for developing nations to ease their own monetary conditions.
"If a jurisdiction as important as the US imposes tariffs of 60% to any other important jurisdictions - let's speak about China - I can assure you that the direct effects and the indirect effects and the deviations of commerce will be huge," European Central Bank vice-president Luis de Guindos said on Wednesday in London.
This story is from the November 08, 2024 edition of The Citizen.
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