Is Trump about to start a trade war?

Probably not, because his tariffs are narrowly drawn, but protectionist pressures are intensifying and could become dangerous in a weaker economy.

Ruchir Sharma
Firms which make soccer goalposts and aluminium team benches could be affected by the planned tariffs. But the writer says it is important to view Mr Trump's trade moves in a historical context. The suggested higher tariffs are too narrowly targeted
Firms which make soccer goalposts and aluminium team benches could be affected by the planned tariffs. But the writer says it is important to view Mr Trump's trade moves in a historical context. The suggested higher tariffs are too narrowly targeted to trigger a trade war, but represent another chapter in the evolving era of deglobalisation. PHOTO: NYTNS
Updated
Mar 21, 2018, 02:04 PM
Published
Mar 09, 2018, 05:00 AM
New: Gift this subscriber-only story to your friends and family

The announcement that President Donald Trump's top economic adviser Gary Cohn plans to resign after apparently losing a battle over raising tariffs ratchets up concern that the White House is turning sharply toward protectionism.

The deepest fear is that the planned steel and aluminium tariffs will echo the mistake of the infamous Smoot-Hawley tariffs of 1930, which provoked a global trade war and helped fuel the Great Depression.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

ST One Digital

 $9.90/month

No contract

ST app access on 1 mobile device

Subscribe now

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.

A version of this article appeared in the print edition of The Straits Times on March 09, 2018, with the headline Is Trump about to start a trade war?. Subscribe

Available for
iPhones and iPads
Available in
Google Play

MCI (P) 066/10/2023. Published by SPH Media Limited, Co. Regn. No. 202120748H. Copyright © 2024 SPH Media Limited. All rights reserved.

Back to the top