Trade deals, Trade and Business: a new paradigm - 3 July 2017 GT News: Trade Trumps tariffs
GT News 4 July 2017 at 8:38:37 PM SGT Trade Trumps tariffs Brexit, Trumponomics and the recent rise of protectionist political parties in Europe have certainly brought issues of international trade to the forefront in recent months. Trump is reportedly preparing trade restrictions on steel imports from individual countries, such as China, under the US’ “Section 232” investigation. These investigations are initiated to determine the effects of any imports on US national security. Under the investigation terms, huge tariffs can be imposed to protect American producers. However, China and the EU told the World Trade Organisation’s (WTO) Goods Council that imposing these tariffs could not be justified on national security grounds at a meeting on Friday. Brazil, Australia, Taiwan and Russia have also raised concerns. Cross-border trade not only boosts national economies but also discourages international conflict as countries and individuals cooperate for mutual benefit. The...