WHAT next for world trade? That is the question governments worldwide are asking after President Donald Trump, flanked by gleeful workers, imposed tariffs of 10% and 25% on imports of steel and aluminium respectively on March 8th. The two industries are small enough that, taken alone, Mr Trump’s new policy, though extraordinary, is unlikely much to dent America’s strong economy. But the president has lobbed a grenade towards the rules-based order governing international trade. If, as some fear, a trade war now ensues, the consequences for the world could be profound (see cover leader and briefing).
The move had been expected ever since Mr Trump let slip on March 1st that tariffs were coming. Some had hoped that last minute entreaties would cause the...Continue reading
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