President Donald Trump said on Wednesday (April 2) that he would impose a 10% baseline tariff on all imports to the United States and higher duties on dozens of the country's biggest trading partners, deepening a trade war that he kicked off on his return to the White House. - REUTERS
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00:00If this just isn't a strategic ploy to try to bargain one-on-one with other countries to bring
00:08tariffs down on both sides, if this leads to an environment where there's higher tariffs
00:16globally for a sustained period of time, I think it could be quite significant.
00:24At sort of an economy level, the foundation of a strong economy is one in which people can
00:33specialize in what they do best, and the same holds for a global economy. The foundation for
00:43a strong global economy is when nations can specialize in the production of goods or services
00:52that they can do best. And having no barriers to trade makes the economy more efficient
01:03and provides sort of a solid foundation. So my concern would be that if these tariffs are
01:11long-lasting, it could have quite significant effects on the foundations of global economies.