In a bold move, U.S. President Donald Trump announced a 25 percent tariff on all steel and aluminum imports into the United States. This decision has sparked widespread debate among economists and industry leaders worldwide.
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. \"These tariffs are a setback for global trade cooperation,\" Steinbach remarked.
Manuel Menendez III, founder of MCM Group Holdings, echoed similar sentiments, stating that the tariffs offer no real benefits. \"Instead of achieving their intended goals, these tariffs merely pass additional costs onto consumers and importers,\" Menendez explained. He emphasized that in a trade war, there are no winners, only losers on all sides.
The imposition of these tariffs has raised concerns about potential retaliatory measures and the overall health of international trade relations. As businesses and consumers brace for the impact, the global community watches closely to assess the long-term implications of this trade strategy.
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U.S. undermining multilateral trading system is a negative-sum game
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