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“Beyond a one-year horizon, the longer-term impacts on the U.S. GDP are negative in all scenarios."

-- Ellen Zentner, chief U.S. economist, Morgan Stanley. Zentner ran a number of models to test the impact of imposting trade tariffs of various sizes. On Jan. 27, 2017, Morgan Stanley issued its assessment that U.S. protectionism might produce a slight short term benefit, but that the long term impact on U.S. GDP would be bad.

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