“Countries around the world are taking major steps to prop up their economies and prepare for a possible severe downturn as the U.S. and China keep raising the stakes in an escalating global trade war,” the Wall Street Journal reports.
“Central banks are cutting interest rates, with India, New Zealand and the Philippines leading the way this week, and more expected to follow in the coming days. South Korea’s government has announced a multibillion-dollar package of emergency-support measures for the country’s auto sector, including subsidies for carmakers. Several countries, including Australia, Spain and Canada are urging consumers to buy more locally, swapping imported foods and home furnishings for homegrown alternatives to support domestic companies facing tough times.”
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