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Williams, President of the Federal Reserve Bank of San Francisco, said in an interview with the Spanish newspaper El Pais that a major global trade war will have a very negative economic impact, but it is too early to judge whether such a conflict will break out.
An interview published on Monday said Williams pointed out that trade wars will disrupt supply chains and increase the cost of consumers, which will lead to a decline in productivity and a rise in prices.
But when he talked about whether he believed there was a risk of a trade war, he said it was too early to judge.

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