The first report the re emergence of protectionism

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The first report, The Re-emergence of Protectionism , looked at a hypothetical scenario of all countries participating in a trade war with tariffs increasing on current levels by 5% or 10% on either all manufactured goods or all tradable goods. That paper was prepared when the trade war between China and the US was still at very early stages: there were public statements and threats of action, but little was confirmed about what would happen. In essence, the first report was a ‘what if’ analysis. This new report assesses what has now happened and what would be the consequences of limiting it to the actions that have already occurred; what is planned; and thirdly, most seriously, if the trade war spreads to the wider world. Executive Summary
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