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Donald Trump shakes the world
Ajay Chhibber Business Standard It is written in it that Russian President Putin may help India the support of the US President’s support, but it will not be helpful for India to make business war and weakening of global institutions. The disintegration that the world system is going through today will have to define as ‘huge disintegration’. The global financial crisis of 2008-2009 was called ‘The Great Deflation’. The 2020 epidemic was named ‘The Great Lockdown’. These incidents had a large economic impact but did not dissolve the world system.
The US imposes 2.2 percent of tariffs which is less than most of its partners except Japan. In the European Union, this tariff is 2.7 percent, 3 percent in China, 3.4 percent in Canada, 3.9 percent in Mexico, 5 percent in Vietnam, 6.7 percent in Brazil, 8.4 percent in South Korea and 12 percent in India. Trump has reversed the situation. The tariff has been huge increase. He has imposed 25 percent tariff on steel and aluminum. Despite the trade agreement with Canada and Mexico, he has imposed a 25 percent fee on them. China was imposed an additional 10 per cent fee and has announced a fee for equal fees on India, Japan, South Korea and the European Union. In response, China has imposed a fee of 15 per cent on US agricultural exports, while Trump has announced a 10 per cent increase in response. As a result, interest rates are expected to increase and global growth. Uncertainty has increased and the stock markets are falling rapidly.
