The impact of President Donald Trump’s “America First” trade policy has been felt across the globe, facilitating a global economy moving at its slowest pace in three years and business confidence hitting a three-year low, according to a recent World Bank analysis.
Business Insider reported that the World Bank expects global economic growth to slow to 2.6 percent this year, with advanced economies growing at 1.7 percent and developing economies at 4 percent.
"Of particular concern is a slowdown in global trade growth to the lowest level since the financial crisis ten years ago and a tumble in business confidence," according to the report.
Noting that several factors are involved, the World Bank report warned that "a further escalation of trade disputes between the world's largest economies, renewed financial turmoil in emerging and developing economies, or a more abrupt deceleration of economic growth among major economies than is currently envisioned" could imperil global economic growth.
Trump’s trade policy during his first term has been characterized by the use of tariffs, which his administration has levied on goods from China and threatened to apply to imports from Mexico and foreign-made cars.
The president has infamously said trade wars are “easy to win,” though the U.S. and China — currently Trump’s largest trade dispute — have yet to arrive at a trade deal.