The eruption of an actual trade war is in its early stages, judging by the rhetoric – but there’s more to it than harsh words, with many US tariffs already in place, against China, Canada, the European Union and others. A slowdown in global trade could leave commercial banks with a smaller book of business in trade finance, while the politicisation of trade creates additional risks for them to manage.
“In an environment like this where you have attempts by certain politicians to hamper free
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