In a major shake-up, U.S. President Donald Trump has announced a 25% tariff on all steel and aluminum imported into the United States. 🛢️⚖️
Armin Steinbach, a professor of European Union law and economics at HEC Paris, criticized the move as another attempt by Trump's administration to undermine the multilateral trading system. 📉🌐
Manuel Menendez III, founder of MCM Group Holdings, added that these tariffs won't achieve much but will instead pass the costs onto consumers and importers. 💸🛒
The consensus? In a trade war, there's no real winner. It's a negative-sum game where everyone ends up losing out. 🤷♂️🔄
Reference(s):
U.S. undermining multilateral trading system is a negative-sum game
cgtn.com
