Governing Council members began their deliberations by discussing global economic developments. As in June, the focus of the discussion was ongoing tariffs and trade negotiations between the United States and other countries. Some important trade agreements had been announced, notably with Japan and the European Union, and the risk of an escalating and protracted global trade war had diminished. While uncertainty was still very high, it was clear that the United States is no longer willing to engage in free and open trade. Members discussed the implications of this shift for economic growth going forward as trade is ... (full story)