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Trump’s trade war could wipe billions from Australia’s economyND

Michael Janda, ABC News, Monday April 9, 2018

The first week of April saw much toing and froing between the US and China, after President Trump asked officials to look at the possibility of tariffs on a further $US100 billion worth of Chinese exports to the US. China warned of a “fierce counter strike” to any such measures. But what some conciliatory experts are calling simple negotiating tactics could significantly hit Australia’s economy should talk turn to action. Citi’s economic team estimates that three years after trade barriers went up, the Australian economy would be $21 billion smaller than it would have been otherwise. In turn, this would mean 70 000 more Australians unemployed and the Australian dollar falling six cents, with a combined hit on the average household of $1500 a year. Given already stagnant wage growth, high living costs and the continued struggles of retailers, a trade war between Australia’s biggest two trading partners could be disastrous for its economy.

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