Trade Outlook Slashed, Europe Talks Delay, Next Error: Eco Day

(Bloomberg) --

Welcome to Tuesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help get your day started:

• The World Trade Organization slashed its global trade growth projection for 2019 to the lowest level in three years, citing the impact of rising commercial tensions and tariffs
  • The latest update of our global trade dashboard paints a similarly dire picture
• European Union governments are struggling to reach consensus on a mandate to begin trade talks with the U.S., risking a delay that would further provoke Donald Trump’s ire after the bloc’s refusal to include agriculture in the negotiations
• The global economy is wobbling in 2019, giving rise to recession fears and forcing the world’s central banks to consider renewed policy easing. Here’s a look at some of the reasons why analysts are worried
• Climate change is increasingly affecting the world’s central banks and their monetary policies
• Finally, economists succumbed to hubris in the early 21st century. The Nobel Prize winner Robert Lucas even said the basic problem for macroeconomics had been “solved.” You don’t hear that kind of complacency today, as policy makers fret about a lack of ammunition for fighting the next recession

To contact the reporter on this story: Zoe Schneeweiss in London at zschneeweiss@bloomberg.net

To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Brian Swint

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