How Much Damage will Trump’s Trade War Do
The remarks and policy changes by the U.S. President, Donald Trump continues to receive a conflicting opinion on whether or not they are the right way for America. In a unique bid to ‘Make America Great Again,’ the president has opened war on all the countries seemingly competing with the United States in the trade arena. The article by Lowrey (2018) takes a critical angle into the most likely effects of such wars in America and the other countries.
An increase in import tariffs for products from other countries like China and Mexico increases the costs of such goods in the United States. Therefore, irrespective of the fact that these countries incur high costs of trade, Americans have to pay higher to leverage on this cost. The international relations between America and these countries also continue to deteriorate beyond remedy.
The economic effects of the trade wars are far-reaching. Declaring a ban on certain products leads to closure of businesses in the United States. Such closures make most people unemployed, hence a rise in poverty levels. The economic impacts also come in the form of deteriorating economic growth trends.
The extent of damage that the U.S. President’s war on global trade can cause is only comparable to the 2008/2009 financial crisis, or even worse. Unfair imposition of levies on imported products in the United States does more harm than good to the citizens. The sudden sh…
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