Guerra comercial de Trump costaría US$470.000 millones

The video discusses the economic impact of tariffs on world GDP, estimating a cost of around half a percent, equivalent to $470 billion in 2020. It explains how tariffs lead to higher inflation and reduced household consumption, particularly affecting the US and its close trading partners like Canada and Mexico. The initial shock of inflation fades, but long-term consequences of reduced openness persist, negatively impacting global trade. No major economy benefits from a trade war, and a broader global trade conflict could result in a 2% reduction in world GDP.

What happens to the economies involved in a trade war according to the text?

What is the potential impact on world GDP if tariffs are set by all countries on each other's goods and services?