China threatens retaliatory tariffs against the US if President Trump follows through and pushes forward his proposed 10% levy on Chinese imports, scheduled to go into effect this Tuesday, March 4, alongside the administration's 25% tariffs on Mexican and Canadian imports.
Georgetown University Professor of International Business Diplomacy Marc Busch joins Catalysts host Madison Mills to speak more on US trade policies as Trump also threatens tariffs on the EU and hints at a trade deal with the UK.
"I think the UK has less to fear, but I seriously doubt that the UK Prime Minister [Keir Starmer] is going to head home thinking that he got something to settle his nerves and he won't have to worry anytime soon about forthcoming tariffs," Busch, who is also the former advisor on technical trade barriers to the US Department of Commerce and the United States Trade Representative, tells Yahoo Finance.
Busch asserts that "these numbers will not stay at 25%," resulting in a possible "all-out trade war."
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Mexico and Canada "are potentially going to invoke non-tariff barriers and do it in a very dramatic fashion. So look for this to escalate if, in fact, we see the tariffs go into play on Tuesday, which I expect we will," Busch lays out.
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This post was written by Luke Carberry Mogan.