ECB’s Coeure: there are no winners in trade wars, just different degrees of losers

Benoit Coeure, member of the ECB's Executive Board, during a scheduled speech this Friday touched upon the recent hot topic on trade tariffs and said: 

   •  Winding back globalization is the wrong solution to address concerns
   •  There are now winner in trade wars, just different degrees of losers
   •  According ECB simulations US tariffs would have significant adverse effects on the global economy
   •  Falls in equity prices, prevailing uncertainty on retaliatory measures have already contributed to tighter financial conditions