Is a new Trump presidency bad news for global trade?

Following the news of the Republicans’ election victory, businesses and economists are taking stock of the potential implications for global trade.

During Trump’s first term, his administration imposed tariffs of up to 25% on approximately $370bn worth of Chinese goods. Now, he has threatened a 60% tax on products from China, and could impose a levy of 10% to 20% on all foreign goods imported into the US if he follows through on an election campaign pledge.

The tariff impositions of 2018 and 2019 prompted retaliatory actions from China, and there are fresh fears about the possibility of a major trade war this time around.