SME Times News Bureau | 24 Jan, 2020
Trade tariffs could trigger a new and "disastrous" global recession,
Italy's Premier Giuseppe Conte warned on Friday after US President
Donald Trump renewed threats to raise tariffs on European Union goods.
"The
imbalances of globalisation are a breeding-ground for today's
neo-protectionist tendencies. These risk causing a new global economic
crisis which could prove disastrous," Conte said.
The world
economy was still "feeling the effects" of the gravest and most
protracted economic and financial crisis since World War II, which began
in 2008, Conte underlined.
His comments came after Trump in
media interviews at the World Economic Forum in Davos on Wednesday
threatened to slap tariffs of up to 25 per cent on the European Union's
auto sector if the bloc does not agree to a trade deal with the US,
raising the prospect of a tit-for-tat transatlantic trade war.