The EU bloc is the smallest group, encompassing the European Union, the United Kingdom, Iceland, Norway, Switzerland, Turkey and Ukraine. In a tripolar world where each bloc imposes a 15% across-the-board tariff on the other blocs, Wells Fargo used the Oxford Global Economic Model to estimate global real GDP would grow 9.1% between 2025 and 2029, instead of the 11% rate under a baseline scenario where trade is essentially free. “The growth-reducing effects of the levies are felt in the first two years after imposition, but the level of global GDP never returns to baseline, at least not during the forecast period we consider,” Wells Fargo said.
Author: Jason Ma
Published at: 2025-07-05 20:32:02
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