What across-the-board tariffs could mean for the global economy
Republican presidential nominee Donald Trump has floated the idea of a 10% tariff on all US imports, a plan that economists say could badly damage trade
Add BT as a preferred source
FORMER president Donald Trump blames the global trading system for inflicting a long list of ills on the US economy including lost jobs, closed foreign markets and an overvalued dollar.
The remedy, he insists, is simple: tariffs. Trump, the Republican nominee for president, has repeatedly said he would raise tariffs if elected. China, a geopolitical and economic rival, would face an additional 50 or 60 per cent tariff on its exports to the United States. He has also floated the idea of a 10 per cent surcharge on exports from the rest of the world.
Although smaller than the percentage proposed for Chinese exports, an across-the board tariff has the potential to deliver a much more devastating jolt to world trade, many economists warn.
TRENDING NOW
‘I felt like dying’: Thai Singha beer scion speaks up after disclosure of alleged sexual abuse
CDL, Hong Realty outbid 3 other bidders with S$542.4 million offer at S$1,865 psf ppr for Peck Hay plot
Private equity giant Carlyle can grow bigger but needs to stay on its toes: co-founder David Rubenstein
Evergrande’s liquidation prompts some PwC partners to shield assets, contemplate divorce
