There will be winners but more losers if the US president presses ahead with his 'job protection' plan warns the International Trade Centre
ADVERTISEMENTThe Geneva-based International Trade Centre believes many countries will retaliate against Donald Trump's plans to raise trade tariffs.
Its Executive Director Arancha Gonzalez told Euronews the US president's so-called protective measures will only end up punishing American workers.
"If we go by history, because this has already happened in 2002, the result would be a net loss of American jobs. This is what we saw in 2004 with 200.000 jobs being lost in the United States mostly in the user industry as a result of the steel protectionist measures taken by the Bush administration at the time," said Gonzalez.
Although Trump has signalled he's ready to wage war to get his way, Gonzalez warns there will be losers all round as other countries will be compelled to retaliate.
"Any exporting company in America today has to be worried," said Gonzalez. "Those countries that feel that these measures are unfair towards them will no doubt replicate, will no doubt respond and they will hit the US where it hurts the most - food exports, exports of meat, exports of agricultural products, exports of technology, exports of digital services. So I think there is a long list of companies who are a bit nervous today."
Trade war fears triggered selloffs on Wall Street, Asia and in Europe, hitting the share prices of steelmakers and manufacturers supplying US markets particularly hard.