April 11th, 2018 | By April Joyner –
A serious escalation of international trade tensions would “damage” the Australian economy, the country’s top central banker warned on Wednesday, amid a deepening tariff dispute between the United States and China.
Volatility has spread across global financial markets since U.S. President Donald Trump first slapped import tariffs on aluminium and steel products last month, and later singled out China with extra duties.
Reserve Bank of Australia (RBA) Governor Philip Lowe said in a speech that an escalation of the trade spat would hurt global growth and cloud the outlook for the domestic economy.
The RBA has forecast stronger gross domestic product growth in 2018 than the 2.4 percent pace in the A$1.8 trillion economy seen last year.
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