The 1,140 economists, including 14 Nobel prize winners, sent the letter on Thursday amid an escalating row over trade between the US and the European Union. Trump has imposed tariffs on steel and aluminium imports but has granted temporary reprieves to the EU, Australia and other countries. He said many of the arguments against free trade were like “flat earth economics”. This is being driven from the top.”Riley said that in comparison with the 1930s, international trade was now more important to the global economy than ever. If Trump’s rhetoric translated into a full trade war, the consequences could be dire, he said.

Source: The Guardian May 03, 2018 13:00 UTC