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Trump 2.0 tariff war is a recipe for trade chaos with no winners
The victims will include not just the countries that are targeted, but also the US itself.
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The US tariffs on steel and aluminium will hit exporters of these metals, but they will also be a net negative for the US, says the writer.
PHOTO: REUTERS
As expected, the tariff war is escalating.
So far, we’ve seen a 10 per cent tariff on around US$450 billion (S$603 billion) of Chinese imports on top of those that already existed, to which China has retaliated with 14 per cent tariffs on a range of US goods. Then last week, US President Donald Trump announced there will be 25 per cent tariffs on around US$50 billion worth of steel and aluminium imports, targeting all exporters of these metals to the US.
