Gilles Moëc, chief economist at AXA, argues that while tariffs take time to affect the real economy, they are likely to have recessionary effects in both the US and Europe.

Trump's volatile trade policy has thrown the world economy into chaos, and put some US prices up.

Gilles Moëc, chief economist at AXA, argues that while tariffs take time to affect the real economy, they are likely to have recessionary effects in both the US and Europe.