This year’s shift in US trade policy represents a serious setback not only for the United States but also for the global economy. Recent forecasts from the International Monetary Fund, the World Bank, and the Organization for Economic Cooperation and Development all highlight the far-reaching consequences, which have largely been overlooked in Washington’s policy discussions.
According to these analyses, trade fragmentation and persistent uncertainty over trade policies may have brought the global economy to a critical juncture. The progress made over recent decades in reducing poverty and improving living standards is now at risk.