OREANDA-NEWS The Bank of Russia will have to pay attention to the global trade wars that are being unleashed by the administration of US President Donald Trump, because this is a new risk threatening the national economy. This was stated by the head of the regulator, Elvira Nabiullina, during a speech in the State Duma, TASS reports.

She assessed the current changes in world trade as tectonic. According to Nabiullina, it is still very difficult to judge where they will lead the global economy and how they will affect Russia. However, the Central Bank, among other things, needs to take into account their possible consequences when making a decision on the key rate.

We are talking about import duties imposed by US President Donald Trump on almost all countries of the world. Their base rate is 10 percent, but for a significant number of countries the rates were several times higher. In particular, for China, they initially amounted to 34 percent, and for Europe — 20 percent.

After Beijing responded to the new duties in a mirror manner, Trump instructed to add another 50 percent to the tariffs, so that, taking into account the previous duties, their total amount exceeded 100 percent.

Economists point out that global trade wars can halt global economic growth and even cause a recession or a full-fledged financial crisis. Traditionally, countries that depend on raw materials and energy exports suffer in such conditions because they face falling demand.

For Russia, the main threat remains a sharp decline in oil prices, hitting oil and gas budget revenues. As of the first half of Wednesday, April 9, oil prices are at lows over the past four years.