COMMENT:

The trade war holds serious risks for New Zealand all right.

It could cost the global economy $900 billion a year by 2021, according to research produced by Bloomberg economists last week.

That figure is a worst-case scenario based on an escalation of tariffs to levels Donald Trump has threatened, and a related hit to global stock markets.

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There's nothing good about that.

But for now at least, the headline grabbing drama of the trade war also provides a convenient excuse as the Government tries to spin its way through a turn in the domestic economic cycle.

When the

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