Ahead of Wednesday’s talks between European Commission President Jean-Claude Juncker and US President Donald Trump to avert a full-blown transatlantic trade war, Andreas Hatzigeorgiou, chief economist at the Stockholm Chamber of Commerce, is less than optimistic, warning of the risk of a “downward spiral of revenge tariffs”.
“In the worst-case scenario, many everyday items will become more expensive. A range of products, including bikes, mascara and food could end up being twice as expensive. In the longer term, high tariffs could also lead to unemployment,” he warns.
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