The United States is tightening its trade policy and moving increasingly away from the rules of the World Trade Organisation. After applauding President Trump’s tax cuts, the equity markets are less charmed by his protectionist threats. The transnational imbrication of trade means that it is unlikely to contract, but the atmosphere has certainly become more conflictual.
For the moment, the US economy continues to boom. With GDP growth forecast at 3% in 2018, the economy is entering its ninth year of expansion. It is also beginning to show a few signs of tensions, which are likely to encourage the Federal Reserve to continue tightening its monetary policy gradually.
by Jean-Luc PROUTAT
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