Trade tensions between the United States and China are likely to have an adverse impact on global growth even if the threatened tariffs are never imposed. The conflict between the world’s two largest economies is creating significant uncertainty for businesses that threaten their global supply chains and future investment plans. Senior U.S. officials have emphasized the tariffs are only a proposal at this stage and could be averted by a settlement between the two countries. But the disjunction between hardline rhetoric and aggressive tariff proposals on the one hand and reassurance to investors and businesses on the other has whipsawed the financial markets. Equity indices and commodity prices have alternated between selloffs and rallies as traders try to estimate the probability tariffs will be imposed.  In reality, the direct economic damage done […]