After President-elect Donald Trump fired an opening salvo in his quest to renegotiate the North American trade pact, a chorus of economists and market watchers fears this could be the beginning of a trade war between the United States and the rest of the world.
Trump, taking on Truth Social on Nov. 25, announced 25 percent tariffs on all imports from Canada and Mexico and a 10 percent levy on Chinese goods on his first day in the White House. The purpose behind this decision is to curb the flow of illegal immigrants and drugs.
“I think the danger of an all-out, big trade war is very small,” former Commerce Secretary Wilbur Ross said in an interview with The Epoch Times….