Trump Tariffs: Introduction and Context
Trump Tariffs: Introduction and Context
The latest blow to international trade and global supply chains has fallen in the form of Trump’s tariffs, where, after assuming the presidency, Trump announced a raft of tariffs on most commodities imported into the USA.
Belying expectations of the pre-election threats of the imposition of significantly higher tariffs being mere bluster, Trump wasted little time in announcing multiple rounds of tariffs, aimed at different countries.
A notable difference between Trump’s first term and now is that tariffs have also been imposed on imports from countries that have traditionally enjoyed good relations with the US and whose political ideologies are aligned, rather than being restricted to countries that have been perceived as competitors or are geopolitically antagonistic.
Canada, Mexico, and the European Union were unexpectedly hit by US tariffs, as were countries like India and some Far East Asian countries.
The trade deficit of the US with each country was one of the primary determinants in calculating the rate of tariff, on top
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