History teaches us that trade wars often come with a hefty price tag. In the 20th century, protectionist policies led to significant economic setbacks, and now we see echoes of that past reappearing.
The United States long celebrated a thriving international system built on free trade and openness. Today, however, shifts toward tariffs are making headlines. Recent tariff moves have reportedly wiped out an estimated $10 trillion in global market value—a stark reminder that protectionism, despite its populist appeal, can derail growth.
Tariffs act as barriers that force economies to stray from what they do best, leading to inefficiencies and unexpected challenges. While catchy slogans about self-reliance may fill speeches and social media feeds, the economic record shows that free trade remains a proven engine for prosperity. 🔍
Let history be a lesson: when economies focus on their strengths and work together, everyone benefits.
Reference(s):
Historical perspective: US trade wars have generally proved disastrous
cgtn.com
