Will Tariff Wars Unravel the Multilateral Trading System?

History is not unfamiliar with the rigours of tariff wars. Back in the 1930s, retaliatory tariff escalation led to the great depression, which in turn contributed to the Second World War. Leaders of the free world sought to revive the beleaguered global economy through free and fair trade. Years of negotiations aimed at increasing market access and curtailing protectionism culminated in the establishment of the World Trade Organization (WTO). The …