(Paul Wiseman – Associated Press)
Things had been going along so nicely.
Over the past year, the major regions of the world finally shed the scars of a global financial crisis and grew in unison for the first time in a decade. Worldwide growth is expected to hit 3.9 percent this year — the best pace since 2011 — and the International Monetary Fund says most countries are sharing in the prosperity.
But President Donald Trump’s announcement Thursday that the United States would impose heavy tariffs on imported steel and aluminum — with some countries potentially exempted — suddenly raised a fear that few had anticipated: That U.S. tariffs could trigger a chain of tit-for-tat retaliation by America’s trading partners that could erupt into a full-blown trade war and possibly threaten the global economy.
Given how far many countries have come since the painful years of debt crises and a crushing recession, the threat posed by the tariffs struck many as an ill-considered risk. Click here to read more.