ECB President Draghi warns of ‘serious risk’ to global economy from rising protectionism

CNBC/Liz Moyer/08-25-17

European Central Bank President Mario Draghi said protectionist policies pose a “serious risk” for growth in the global economy.

At a gathering of central bankers, economists and others in Jackson Hole, Wyoming, on Friday, Draghi said the global economy is firming up. He told the audience in a speech that “a turn towards protectionism would pose a serious risk for continued productivity growth and potential growth in the global economy.”

The comments come at a time when President Donald Trump is taking a hard look at the U.S.’s trade agreements around the world, pushing to reduce trade deficits and make conditions more favorable for American manufacturers.

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