In this scenario, we see a significant drop in global activity that also affects the United States, and that is precisely what we now need to avoid. How large a drop? 2.5% of GDP in the United States, and 1% of GDP on a global level. Would that be a serious situation? It would be a very serious situation and it must be avoided.
Governments are responsible for avoiding it, and above all for resolving these differences on a multilateral basis. But that’s exactly what Donald Trump doesn’t want – he rejects such multilateral frameworks… It’s not what Mr Trump wants, true, but it’s what Europe wants. Europe wants the world to be managed in an inclusive way where everybody gathers round the table for discussions.