In this era of global connectedness and economic development propelled by companies crossing borders, the application of trade tariffs lags behind, disrupting the international business world. Now, more than ever, it is in need of justice. The impact of trade tariffs on innocent enterprises worldwide is the story I aim to convey in this letter.
Some argue that protective tariffs can rejuvenate local industries by reducing international competition, thus creating jobs for many and stimulating economic activity in general. However, this perspective often overlooks modern supply chains and the interconnectedness of global markets.
As it turns out, trade tariffs in today's tightly connected, interdependent world can lead to far-reaching and unforeseen consequences. They may restrict access to innovation, hinder technology importation, and seriously undermine national competitiveness in global markets.
Before implementing tariffs, officials must carefully consider whether they will truly benefit them. They should explore alternative methods of promoting free and fair trade that do not hinder the movement of goods or services. Only through thoughtful deliberation and international cooperation can we ensure that the wheels of trade continue to turn smoothly around the world.
Sumaiya Shupti
Student
Majoring in Finance
North South University
sumaiya.shupti@northsouth.edu