Bank of France governor Emmanuel Moulin warns that new Trump-era tariffs—ranging from 10% to 12.5% on goods from 60 countries, including the EU and China—are injecting fresh uncertainty into global trade, undermining economic stability even as the old 10% tariff expired. Despite the Turnberry trade deal, these tariffs remain a major obstacle, with Europe relatively insulated but the rest of the world facing growing instability that threatens growth. Markets and forecasts are watching closely as this evolving trade drama reshapes international commerce.
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