Arvind Panagariya: WTO on the brink

A trade war is now in progress on two fronts. The United States opened the first front by imposing a 25% tariff on steel imports and 10% tariff on aluminium imports from a large number of its trading partners. That led many damaged parties to take retaliatory actions. China was the first to respond with a 25% tariff on $3 billion worth of food imports from the US.

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