Table 1 Timeline of trade tensions since January 2018  S ource: Bloomberg. 1  European Central Bank, The resurgence of protectionism: potential implications for global financial stability, 27/11/2018.
4  Figure 3 Full trade war impact on asset prices across the globe  In this scenario, US equity prices would fall by about 10% and US corporate bond spreads would increase by up to 100bps in the first year. In the euro area, equity prices would fall by 15% and corporate bond spreads would increase by 150bps in the first year.