Commercial wars will cost the global economy trillion dollars by 2027

A report revealed that the commercial wars ignited by the US administration will incur the global economy, estimated at $ 2 trillion by the end of 2027.

This comes as a result of US customs duties to reach its highest levels since the 1930s.

And estimates of the “Bloomberg Economics” agency showed that the global economic shock would reach $ 2 trillion compared to the growth path before the outbreak of the trade war.

The report also indicated that the current US customs duties rate is the highest in 90 years, as it exceeds six times the previous levels than it was earlier this year when Donald Trump took office.

The report comes one day after the United States and the European Union reached an agreement to impose customs duties by 15% on most European exports to the United States.

However, the agency warned that this agreement will not make a noticeable improvement in the economy of the eurozone, expected to decline in the region’s gross domestic product by 0.4% annually.