Even before President Trump had been re-elected, there were already worrying signs of what the world could expect of a Trump2.0 world order. During his election campaign, President-elect Trump had already stated that the EU would pay a “big price” for not doing enough to purchase US goods (Reuters, 2024a). Not long after assuming the Presidency, he announced plans to impose new tariffs on Mexico, Canada and China (Reuters, 2024b). The quantum of these new tariffs would be a 25 per cent tax on exports from Canada and Mexico, while China would be imposed an additional 10 per cent tariff. The reason given was that it was in retaliation for the flow of fentanyl and migrants, but the choice of these countries is not surprising from a trade standpoint too. These three countries represent among the largest source of imports for the US, consequently contributing to the US’ trade deficit which stands at USD773.4 billion in 2023 (US Bureau of Economic Analysis, 2024). These actions would certainly further fragment an already increasingly fragmented world, more so if it expanded beyond these three countries which it eventually did. What was really worrying about these new tariffs, was that it was targeted at all US trading partners, its competitors like China, but also its allies in Europe, and even Asia. It is certainly shaken the existing international order to its core, leaving many scrambling to respond, and adapt.

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Has Trump2.0 Broken the Camel’s Back

  • Peter Brian M. Wang

摘要

Even before President Trump had been re-elected, there were already worrying signs of what the world could expect of a Trump2.0 world order. During his election campaign, President-elect Trump had already stated that the EU would pay a “big price” for not doing enough to purchase US goods (Reuters, 2024a). Not long after assuming the Presidency, he announced plans to impose new tariffs on Mexico, Canada and China (Reuters, 2024b). The quantum of these new tariffs would be a 25 per cent tax on exports from Canada and Mexico, while China would be imposed an additional 10 per cent tariff. The reason given was that it was in retaliation for the flow of fentanyl and migrants, but the choice of these countries is not surprising from a trade standpoint too. These three countries represent among the largest source of imports for the US, consequently contributing to the US’ trade deficit which stands at USD773.4 billion in 2023 (US Bureau of Economic Analysis, 2024). These actions would certainly further fragment an already increasingly fragmented world, more so if it expanded beyond these three countries which it eventually did. What was really worrying about these new tariffs, was that it was targeted at all US trading partners, its competitors like China, but also its allies in Europe, and even Asia. It is certainly shaken the existing international order to its core, leaving many scrambling to respond, and adapt.