{"id":28352,"date":"2018-03-08T10:52:55","date_gmt":"2018-03-08T09:52:55","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=28352"},"modified":"2018-03-08T10:52:55","modified_gmt":"2018-03-08T09:52:55","slug":"guerra-comercial","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/guerra-comercial\/","title":{"rendered":"Guerra comercial"},"content":{"rendered":"<p>Digno de su trayectoria, el Ejecutivo de Trump est\u00e1 cogiendo un camino que nadie sabe por d\u00f3nde nos lleva en esto de la guerra comercial que nadie hab\u00eda pedido.<!--more--><\/p>\n<p>Un d\u00eda gana el <i>America First<\/i> y al siguiente se matiza que no, que habr\u00e1 flexibilidad. Pero lo cierto es que con esto no gana casi nadie y as\u00ed lo entienden los inversores, nerviosos por un factor de riesgo con el que no hab\u00edamos contado. Y es que hasta la Reserva Federal empieza a levantar la alerta sobre lo nocivo de limitar el comercio internacional.<\/p>\n<p>Con todo lo de los aranceles, si se lo propone, EE.UU. puede acabar con el crecimiento global con m\u00e1s rapidez de lo que parece, por eso de la incertidumbre m\u00e1s que nada. Justo ahora que la inflaci\u00f3n por fin est\u00e1 empezando a despertar como bien refleja el Libro Beige de la Fed, con m\u00e1s presi\u00f3n en salarios debido a la escasez de mano de obra en el mercado laboral estadounidense. Claro que como la productividad de los trabajadores, publicada ayer para el cuarto trimestre de 2017, la inflaci\u00f3n a\u00fan sigue lejos de los objetivos considerados deseables.<\/p>\n<p>No se puede ver el lado bueno de este nuevo frente, pero s\u00ed es cierto que por lo menos el riesgo pol\u00edtico se ha trasladado por completo de una Europa abonada a crear problemas a unos EE.UU. sumidos en el trastorno de la bipolaridad. Ni Alemania ni Italia, pero el PIB de la zona euro confirma un crecimiento del 2,3% el trimestre pasado, donde solo el consumo ha resultado ser una muy leve decepci\u00f3n.<\/p>\n<p>De los datos asi\u00e1ticos publicados esta madrugada, las exportaciones chinas merecen una peque\u00f1a explicaci\u00f3n, pues esa subida de m\u00e1s del 40% se explica \u00fanicamente por la celebraci\u00f3n del A\u00f1o Nuevo Lunar. Tambi\u00e9n destaca la revisi\u00f3n al alza del PIB japon\u00e9s, en la que la debilidad del yen tiene mucho que decir.<\/p>\n<p>Buen d\u00eda.<\/p>\n<p><center><strong><br \/>\nAm\u00edlcar Barrios Vilallonga<\/strong><br \/>\nDirecci\u00f3n de Inversiones<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digno de su trayectoria, el Ejecutivo de Trump est\u00e1 cogiendo un camino que nadie sabe por d\u00f3nde nos lleva en esto de la guerra comercial que nadie hab\u00eda pedido.<\/p>\n","protected":false},"author":4,"featured_media":28353,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9721],"tags":[141,198,281,1418,1531,1751,2206,2556,2646,2684,3128,3696,3852,4856,4871,5761,6734,6987],"class_list":["post-28352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-meeting","tag-alemania","tag-america-first","tag-aranceles","tag-consumo","tag-crecimiento","tag-datos-asiaticos","tag-eeuu","tag-europa","tag-exportaciones-chinas","tag-factor-de-riesgo","tag-guerra-comercial","tag-italia","tag-libro-beige-de-la-fed","tag-pib","tag-pib-japones","tag-reserva-federal","tag-trump","tag-zona-euro"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Guerra comercial<\/title>\n<meta name=\"description\" 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