The current global economic climate is reminiscent of the 1930s, with tensions rising between major powers and the potential for significant trade wars.
The US President, Donald Trump, has expressed strong support for tariffs, going so far as to call them "the greatest thing ever invented." This aggressive stance is expected to elicit defensive responses from other nations, particularly China and the European Union, as they seek to protect their market access.
While these countries may present their actions as efforts to maintain open markets and fair competition, there is a high potential for economic disruption. Historical examples show that protectionist measures can lead to widespread economic turmoil, prompting trade-friendly governments to retaliate in order to safeguard their domestic industries. The unfolding situation has the potential to reshape global trade dynamics and have far-reaching impacts on economies worldwide.