Sunday, December 8, 2019

What Is The Implication Of The Trade War That Is Emerging?

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QUESTION OF THE DAY

The post Second World War consensus anchored on putting an end to protectionist doctrines which gave rise to the trade war which preceded the World War aimed at controlling the world economy so that individual economic powers would rule the world.

The war devastated the economies of Europe and compelled European countries to establish   Economic Unions and promote integration. Trade relations were established aimed at reducing tariff barriers and enhancing the free movement of goods, services, capital and people.

Now that those barriers are being erected, again cost of living will get higher, shortages of goods could be a reality and unemployment could rise as businesses collapse because of trade barriers. Hostilities among world leaders are bound to increase. The US Government needs to rethink its current measures.

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