That’s the major risk today, it’s true. We hope that it won’t happen. But you have to look beyond the aggressive vocabulary, beyond the bluster, and ask what is the risk of a trade war? It is a loss of purchasing power for employees, workers, starting with those in the country that implements 3/5  BIS central bankers' speeches  customs duties.
The first to suffer will be American workers, it’s they who will lose their jobs. And possibly in the rest of the world, depending on how Europe, Japan, China react. So it is potentially a negative shock for the global economy. One gets the feeling that Donald Trump is trying to test our unity. Do you have that impression too?