Swedish Foreign Trade Minister Ann Linde (S) is not hiding her concern over the escalating trade war.
“There is a risk of a very dark autumn if everything goes wrong. There could be a no-deal Brexit in October, car tariffs in November, collapse of the WTO dispute settlement body in December... Add to that the trade war between the US and China if it develops globally,” she says.
The minister points out that an analysis from the WTO indicates that an escalating trade war could bring down global GDP by two per cent and world trade by 17 per cent. This can be compared to the global finance crisis which brought down GDP and trade volumes by 2.1 per cent and 12.4 per cent.
“There are 1.4 million jobs thanks to exports. That is every third job. If global trade falls, then it will unequivocally affect Sweden,” she says.
On the issue of US car tariffs, she says, “As soon as we meet American representatives, we bring up the issue of car tariffs, as it is so important for Sweden.”
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