During his election campaign, US president Donald Trump claimed the word tariff is “more beautiful than ‘love’”. Now in office, Trump has targeted his closest neighbours and trading partners with those self same policies. He initially concentrated his levies on Canada, China and Mexico – two of which share land borders with the US – before implementing blanket tariffs on all steel and aluminium imports.
History shows us the impacts these policies can have. In 1932, during Neville Chamberlain’s time as British chancellor, the country slapped what became 40% levies on key exports (including cattle, butter and other agricultural products) from the then Irish Free State. These were promptly met by Irish retaliation on British goods including coal and steel.
