Economist Seleznev: US GDP may fall by 1% due to the introduction of duties
The United States expects a 0.3-1% decline in GDP due to trade wars with China, Canada and Mexico. Such a forecast in an interview with Russia 24 was given by the Dean of the Faculty of International Economic Relations of the Financial University under the Government of the Russian Federation Pavel Seleznev.
📝 Summary
The United States expects a 0.3-1% decline in GDP due to trade wars with China, Canada and Mexico. Such a forecast in an interview with Russia 24 was given by the Dean of the Faculty of International Economic Relations of the Financial University under the Government of the Russian Federation Pavel Seleznev.
US President Donald Trump in early March imposed duties of 25% on goods from Mexico and Canada, but then postponed their introduction until April 2, and Trump increased duties for China from 10% to 20%. In response, China filed a lawsuit with the World Trade Organization and decided to impose additional duties on American agricultural products. The real effect for the US from the introduction of import duties will be stretched over time, the expert says. “In any case, it will affect the decline in GDP. This decline will be about, according to various estimates, from 0.3% to 1%, if we talk about the GDP of the United States of America. But countries that were trading partners of the United States will also suffer, the economist said. Seleznev noted that in the long term, Trump expects through import duties to stimulate the development of American industry and push foreign companies to move to the United States. Earlier, associate professor of the Department of Economic Theory of the Financial University under the government of the Russian Federation Vladimir Skalkin said that the introduction by the US President of duties on imports of goods will worsen the trade balance of the country.
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