"Low road" of protectionism will cost jobs and growth, says BoE's Mark Carney
Updated : July 31, 2018 06:41 AM IST
We can choose between a low road of protectionism focused on bilateral goods-trade balances and a high road of liberalization of global trade in services," Bank of England Governor Mark Carney said.
Asked about the increase in US trade tariffs under President Donald Trump, Carney said the impact of actions taken as of June were likely to be small.
The Bank of England's top policymakers are due to publish a first estimate this week of the so-called equilibrium level of interest rates that will keep inflation and growth rates stable when the economy is running at full capacity.
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