A global trade war that is set to rock the world’s economy has finally begun following the imposition of tariffs on steel and aluminum imports by the Unites States.
The US put a 25% and 10% tariff respectively on steel and aluminium imports about three days ago, setting the tone for a bruising world trade battle.
The United States’ major trading partners, which include the European Union (EU), China, Canada and Mexico have responded by a wave of tit for tat measures, a move that will have a serious impact on global trade including in Africa.
US President Donald Trump has for a long time complained that its main trading partners China and the EU manipulate trading rules, leading to a huge trade deficit.
It is yet to be seen how the war, which started as threats by the US three months ago, followed by retaliatory tariffs by China will affect global economic growth which is already reeling from high crude oil prices.