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We live in a world where increasingly globalisation is under threat. The biggest threat comes from trade wars, started by Mr Trump, that could significantly harm the world economy. This week, the International Monetary Fund warned that Trump’s trade war could cost the global economy $430 billion in 2020. As the IMF’s report states, all countries will suffer, but the USA the most. Trade wars also affect the oil prices, which went down more than 4%. Trade wars are bad for the global economy as, in the interconnected world that we live in, it will affect everyone; from small business to large conglomerates. It is a war with only losers.
Trump’s nationalism has an unexpected side effect as it is uniting different nationalist movements across the globe. Such an international nationalist movement sounds like a contradiction, but the truth is that increasingly disparate, local, nationalist parties are working together and learning from each other. They usually focus on immigration and economic protectionism, thereby further threatening globalisation.
With globalisation at risk, it is time to find new ways to work together and change how globalisation functions. The USA might still be the largest economy in terms of nominal GDP but there is too …
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