Global escalation of the trade war could cost nearly $1.5tn by end 2020 according to a note from trade credit insurer Atradius. The amount is the equivalent to exports in Hong Kong and Singapore coming to a standstill for three and four years respectively. Such losses could come about due to trade policy uncertainty which is expected to contribute to an increase in the number of corporate insolvencies in advanced markets after nearly a decade of substantial annual improvements.