Remaining Lucid at an Outbreak of a Global Trade War
This week marks the introduction of the latest round of US import tariffs aimed at protecting US producers against what is seen by the US administration as “unfair” competition from abroad, mainly China. July also marks the implementation of some of the retaliatory tariffs introduced by China, Canada, and the EU in response to US tariffs imposed earlier this year on imports of washing machines, solar panels, and steel and aluminum products. Other countries such as Japan and the Russian Federation have also threatened to respond with import duty increases, and the US administration is currently considering yet another set of tariffs on imports of selected products from China and on imports of cars and car parts from all countries.
Photo: Workers at a ceremony to light a new blast furnace at the Nizhny Tagil Iron and Steel Works (also known as Nizhny Tagil Metallurgical Plant), part of the Evraz Group, NIZHNY TAGIL, RUSSIA; Donat Sorokin/TASS/FORUM
