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VOL. 42 | NO. 26 | Friday, June 29, 2018
Central banker: we can't undo trade war damage
BEIJING (AP) — The Latest on the trade dispute between China and the U.S. that may result in the two sides each imposing higher duties on billions of dollars' worth of each other's exports. (all times local):
Bank of England Governor Mark Carney has warned that central banks shouldn't be relied upon to prop up the global economy in the event of an all-out trade war.
Carney compared the uncertainty on trade to the bank's effort to bolster the U.K. economy ahead of Britain's departure from the European Union.
He told a summit in northern England on Thursday that "in a general trade war, it is unlikely that global financial conditions would prove as robust, or that monetary policy could be as supportive."
He also offered a swipe at American rhetoric on trade, saying "talk and tweets" was already taking a toll, with signs on uncertain trading was dampening activity.
Some surveys of global export orders and manufacturing output have fallen back from earlier this year.