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Trade tentions around the globe have been mounting this year, especially after Donald Trump won the U.S. presidential election overwhelmingly, who floats the ideas that the U.S. will impose tariffs on almost all the imports, no matter where they come from.
In fact, President Trump is keeping his words after his inauguration, announcing sweeping tariffs on Mexico, Canada and China, which has raised significant concerns in terms of undermining economic growth and reiginting inflation, which also further sparked huge volatility across global equity markets.
Par for the course, the announcement of tariffs raised strong backlash from Mexico and Canada, which have announced retaliatory tariffs of their own. Prime Minister Justin Trudeau also encouraged Canadians to boycott their longtime ally after ordering retaliatory tariffs against $155 billion of U.S. goods, from peanut butter, beer and wine to lumber and appliances.
Also German Finance Minister Christian Lindner recently warned that if the U.S. kicked off a trade war with the European Union, there could be strong retaliation. China has said it will challenge the tariffs at the World Trade Organization and take other countermeasures, including imposing 15% tariffs on coal and liquefied natural gas imports from the U.S., and 10% on American crude oil, agricultural machinery and certain cars, but also left the door open for talks with the United States.
Investors were considering the effects of additional tariffs promised by Trump, including those related to oil and gas, as well as steel, aluminum, semiconductor chips and pharmaceuticals. Economically speaking, escalating trade tensions are a lose-lose situation for all countries involved. The common sense is that the tariffs what President Trump has announced are sort of negociating tactics in order to bring rivals back to negociating table, but to be honest, it could backfire. A broad-based retreat from a rules-based global trading system is prompting many countries to take unilateral actions. Not only would an intensification of protectionist policies exacerbate global trade tentions and disrupt global supply chains, but it could weigh on medium-term growth prospects around the globe.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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