Donald Trump is all set to begin his second term as the US President next year. With Trump back in the hot seat, experts share how this will impact global trade. Regulators and politicians believe Donald Trump’s second term could significantly affect global trade.
In his first term, Trump introduced tariffs on important industries in both Europe and China. If Trump brings back his protectionist trade policies, Europe may face even greater challenges this time, according to analysts quoted in a Business Insider (BI) report. Tariffs: Definition and Purpose A tariff is a tax or duty imposed by a government on imported or exported goods, typically used to: 1.
Protect domestic industries by making foreign goods more expensive, encouraging consumers to buy locally produced items 2. Generate revenue for the government 3. Regulate trade by controlling the flow of certain goods into, or out, of the country Tariffs can vary depending on the type of goods and their country of origin.
Donald Trump's Second Term Shock: Trade Impact The world woke up today to the news that Trump had won the 2024 election. For politicians and regulators across the globe, this raises concerns about how a second Trump presidency could affect international trade. During Trump’s first term, his ‘America First’ agenda led to trade conflicts with both China and the European Union.
He imposed tariffs on certain goods, which resulted in retaliation from China. China’s response sparked a trade war between .
