More importantly, a unilateral tariff rarely stays unilateral for long. Companies facing tariffs on their exports will appeal to their own governments to level the playing field by applying countermeasures. Such retaliation is 4/6  BIS central bankers' speeches  understandable, but in the end, the global economy will be worse off, and so will many innocent bystanders.
Opportunities and adjustments It is possible that we will have to deal with frictions in the global trading system for some time yet. Even so, as we said in January, we expect that both exports and investment will return to positive growth later this year. Since the start of the year, the labour market has continued to show strength.