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US-China trade war

US-China Trade War to Cut Global Economic Growth by 0.5%: French Finance Minister

Posted Thursday, October 10, 2019 by
Arslan Butt • 1 min read

According to France’s finance minister Bruno Le Maire, the US-China trade war could cause global economic growth to reduce by 0.5% in 2020. Le Maire made these remarks while addressing the media at the sidelines of a meeting of Eurozone finance ministers in Luxembourg on Wednesday.

He called for the US and China to settle the trade dispute and also asked that the EU and the US work out a separate resolution of their trade dispute as it could go in China’s favor. The EU is expected the echo these similar sentiments during a G20 meeting of finance ministers and central banker scheduled to take place next week in Washington.

Le Maire also discussed the OECD’s most recent proposals calling for an overhaul of digital taxation around the world. He commented, “The key question now is to find a consensus and a compromise among all members of the OECD by the beginning of 2020.” The EU is considering moving ahead alone on its plans for a web-tax if the OECD is unable to finalize a deal on this issue by next year.

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