the weight of U.S. liabilities in the rest of the world''s stock of external assets. Finally, it relates the empirical …

contributions to global trade growth have come from East Asian countries in the developing world and the Euro area in the developed … world. Merchandise trade, which in recent years has been less resilient than services trade, picked up, growing by 4 …

. Trade policy developments are mixed. Restrictive trade measures imposed during 2018 affected 3.8 percent of world …-for-tat tariffs between the United States and China alone affected 2.0 percent of world merchandise trade in 2018. Ongoing trade … a multilateral approach and World Trade Organization reforms …

-2018 may have caused a 1 percentage point decline in world trade growth. The paper also finds that the impact of policy …