“When you introduce, for instance, steel tariffs, you might get a short-term ‘sugar rush’ of protecting steel jobs in your own country, but you tend to put up the prices for your manufacturers, for your car-makers, for your ship-builders, for others down the line,” says Cameron.
Donald Trump may have changed some laws of politics, but the laws of economics are much more stubborn, says former UK Prime Minister David Cameron. In particular, Trump’s tariffs will increase the chances of a US recession, Cameron adds. “I don’t think you can rule it out.”
The US leader hiked tariffs on steel and aluminium imports on Wednesday. Canada — the US’s biggest foreign supplier of steel and aluminium — imposed C$29.8 billion ($27.61 billion) in retaliatory tariffs on the US effective Thursday morning.
