Bank of England says further rise in trade taxes could weaken demand, increase costs and make banks less willing to provide loans
The looming threat of much higher tariffs amid Donald Trump’s trade war could lead to a fresh wave of companies going bust and cause financial losses for banks, the Bank of England has warned.
The Bank’s financial policy committee said a rise in trade levies would compound existing vulnerabilities, with the risks to global growth and inflation having grownas a result of the president’s ever-changing border tax rates and an escalating conflict in the Middle East.
