World Trade Organisation has recently claimed that the global economy is under serious threat as a result of tit-for-tat trade moves by various nations. The threat of tariff war looms large as the world superpowers indulge in retaliatory trade practices. It further declared that the world trade is ‘in jeopardy’ and a ‘de-escalation’ is needed. This trade war gained momentum after US President Donald Trump declared tariffs on steel and aluminium from the EU and China. According to Mr Trump, this move was proposed to safeguard the “American Jobs”. Economists have expressed reservations about this move as history has shown that these trade wars lead to gross economic handicaps which include an exaggerated rise in prices and a decline in the number of jobs.
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This post has been authored by Anushna Mishra, a Second Year student of West Bengal National University of Juridical Science (WBNUJS).
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