The Costs of Trade War
The Trump administration's introduction of sweeping import tariffs on steel and aluminum raises the real possibility of a global trade war. The effects would be felt everywhere, but especially in the world's poorest countries, and everything from the current global recovery to the Sustainable Development Goals could now be in jeopardy.
GENEVA – According to an old African proverb, “When elephants fight, it is the grass that suffers.” The same is true for full-blown trade wars: when major economies clash, developing countries will be among the hardest hit.