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Here is what you need to know about the risks of a US trade war
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Here is what you need to know about the risks of a US trade war

Michael Johnson
World Economic Forum, 2018
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Editorial Rating

8

Qualities

  • Controversial
  • Insider's Take

Recommendation

The Trump administration’s imposition of steel and aluminum tariffs could threaten to kick off a global trade war. In this succinct and accessible overview, trade policy expert Michael Johnson – writing before the US announcement of countries excluded from the tariffs – explains why these tariffs go against World Trade Organization protocols and how the duties could damage the economies of both importing and exporting nations. While always politically neutral, getAbstract recommends this text’s authoritative insights to anyone interested in the future of global trade.

Take-Aways

  • President Trump’s 2018 order to impose US import tariffs of 25% on steel and 10% on aluminum has raised concerns around the globe about a potential trade war.
  • Today, the term “trade war” entails combative “tit-for-tat” retaliatory actions by the affected countries.
  • Nations can charge special tariffs to protect their domestic industries. However, the World Trade Organization (WTO) sets rules on how they may do so.

About the Author

Michael Johnson is an adviser on international trade policy and a former UK trade negotiator.

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