Looming Global Trade War

Just about two weeks into his second term, President of the United States of America Donald J Trump has sent shockwaves through the global economy by announcing 90 days moratorium on foreign aid, followed by the announcement of steep tariffs on goods from its economic and geopolitical competitors. According to Trump's statement, these aggressive measures were aimed at reducing US trade deficit, protecting its industries and pressuring trade partners into accepting fairer trade deals. But the economic analysts believe that these announcements are opening salvos for a full-fledged trade war which was taking shape over the years.