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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

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  • 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.

Summary

President Trump’s 2018 order to impose US import tariffs of 25% on steel and 10% on aluminum has raised concerns around the globe. The term “trade war” lacks an exact definition. However, today it entails combative “tit-for-tat” retaliatory actions by the affected countries. Tariffs on imports are a staple of trade policy. Trading countries base their customs duties on a “harmonized system” that covers more than 5,000 categories of products. In some cases, nations band together to form free-trade partnerships, sometimes within blocs such as the European Union, to waive import fees, but they set fees for outsiders...

About the Author

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

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