Explainer: What across-the-board tariffs could mean for the global economy

Quick Summary:

Many of the defining features of the system created after World War II still governed finance: Foreign governments could immediately trade their dollars into gold from the US Treasury, and many of the world’s currencies were exchanged at fixed rates.

Trump has said he would dangle the threat of major tariffs as a negotiating tactic to force concessions from trading partners.“And man, is it good for negotiation,” he said of tariffs in an interview with Bloomberg Businessweek.“They would do anything.

Many economists warn that an across-the board tariff has the potential to deliver a much more devastating jolt to world trade.

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Category: EconomyBusiness

Markets: SingaporeCanadaChinaIndiaJapanMexicoUnited States

Topics: Cent Trade China Surcharge Imports World Economists Tariff Trump Tariffs President

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-01 @ 11:00:00 (8 hours ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 1025 words

Reading Time: 6 minutes read

Sentences: 48 lines

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Copyright Owner: © The Straits Times

News ID: 22317602

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