The United States has once again weaponized its tariff policy by imposing tariffs on Canada, Mexico, and the Chinese mainland. This move aims to reduce Washington's trade deficit with these nations and increase its fiscal revenue. Additionally, tariffs can serve as a strategic bargaining chip in international negotiations.
However, the long-term consequences of these tariffs may be detrimental. By creating tensions in the global market and disrupting intricate supply chains, the tariff strategy resembles setting off a time bomb. Economists warn that such trade wars can lead to heightened uncertainty, decreased international cooperation, and adverse impacts on global economic growth. In this scenario, there are no clear winners, as all parties involved may face economic setbacks.
Reference(s):
cgtn.com
