'The WTO is toast.' What happens to global trade now.
Donald Trump announced he would impose new tariffs on imports from countries around the world, he launched a frontal attack on the global free trade system created in the aftermath of World War II.
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Trump's move, announced Thursday and set to begin as soon as April, represents a bet that the United States will gain leverage by replacing global tariffs with its own tariffs, which are taxes on imports.
The United States, the world's largest importer, has for decades bought far more from the rest of the world than it sells. Trump wants to change that and is calculating that other countries, with more exports at stake, might be cautious about retaliating by raising their own tariffs.
But instead, many trade experts warn, Trump's action could presage a global shift toward higher tariffs. That would pose a big challenge to the World Trade Organisation, which was established in 1993 to coordinate global tariffs and trade rules.
Decisions by other countries to follow Trump's example and set tariffs unilaterally could impede trade, raising prices for everyone. The free trade promise of consumers buying from the lowest-cost producers could be imperilled.
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