At the end of World War II, the countries that intervened in that war. development of people and economic progress of the communities.
For that reason, various international negotiations were launched that were as a result, on the one hand, the creation of the United Nations (1945) and, on the other, the signing of the General Agreement on Customs and Commerce tariffs (the GATT of 1947). The GATT is a treaty that, in 1994, was replaced by the Marrakesh agreement, through which It constituted the World Trade Organization (WTO).
The GATT/WTO has then regulated international trade seeking economic development based on the Free trade principle, that is, the Reduction of customs tariffs and elimination of paraarancelaria barredas.
Beyond the criticisms that can be made to the WTO, the truth is that its norms and those adopted through multilateralism and regionalism, have regulated the exchange of world trade, achieving billion -dollar figures that had never been obtained before.
And the intense exchange has become a globalized production system where Interdependence is indisputable. Therefore, the increases in tariffs today The production chain significantly affects the marketing indices, the level of activity and the profits of multinational companies. Of the latter, we have witnessed last April 2, when the bags around the world recorded significant losses and, In the punctual case of the United States, the greatest collapse from the Covid pandemic.
Currently, The maximum tariff admitted by the WTO is 35% And import restrictions are not allowed, except in certain situations, some of which are cited below:
- To safeguard the balance of payments.
- Restrictions to certain products: in a framework of unforeseen circumstances, if imports of a product in a country have increased in such quantity and are carried out under conditions such as they cause or threaten to cause serious damage to national producers Of similar or directly competitors in that territory, the importing country may, to the extent and during the time that is necessary to prevent or repair that damage, partially suspend the The obligation contracted with respect to said product or withdraw or modify the concession.
- Necessary measures to protect public morals; to protect the health and life of people and animals or to preserve vegetables; Protection of patents, factory and copyright and reproduction trademarks.
However, these transient measures They cannot constitute a means of arbitrary or unjustifiable discrimination between countries or a Covering restriction to international trade.
With this fundamental legal framework, the orders dictated by the United States government take place, under the administration of its current president, Donald Trump.
In this regard, we can cite the following:
Memorandum “America First”, of February 21, where the criteria of foreign investment are defined, under the premises that the Economic security is national security.
By the Fentanyl crisisunder the protection of the International Economic Emergency Powers Act of 1997, on February 1, the National Emergency Declaration was issued, by virtue of which it was They established additional import tariffs from Mexico, Canada and China and differential tariffs for certain products, as steel and aluminum.
Additional tariffs meant a provocation. Some analysts consider that, with respect to Mexico and Canada, Trump’s goal was Push them to negotiate issues outside the commercial exchange. So, for the moment, 0% was agreed for intra-zone imports of the gasoline and 25% outside the gasoline.
With China, the reasons are others. While it is true that the United States trade balance is deficient, its balance of payments is not. The United States generates financial income and capital that plays it as the power of the world. But that result would not be enough to Trump’s eyes.
This president It pretends that North American companies produce in their territory or in those who are related (according to the parameters provided in the Memorando America First) and that this generates employment. However, disarm the intertwined global production It is not achieved immediately.
Tariff increases caused an escalation of retaliation until we reached April 2. On this day, Trump, once again based on the International Emergency Economic Powers Act, issued the statement “Liberation Day” (Day of release), announced the application of “Reciprocal tariffs” between 10% and 50% additional To a significant group of countries (for example, within this rank, imports from the European Union were taxed with a 20%aliquot).
And the reactions soon see each other. Stock markets accused the instability that means attempt against a regulatory system that has been built for 80 years. Then, they were the markets that put a limit To Trump, although his administration has said that it was the affected countries that have requested to sit at the table to negotiate better conditions for the entry of American products.
Thus we reach April 9, the day Trump announced that the United States will apply from the 10 “reciprocal tariffs” of an additional 125% to China (which adds to the additional 20% already in force by the crisis the fentanyl) and an additional 10% over the other countries for a period 90 days (until July 9), with a list of excluded goods.
In short, the situation would be as follows:
- China went to additional 145%. China, for its part, will apply to the imports of the United States Retaliative tariffs of 84% that are added to 10% and 15% (this aliquot in certain goods).
- Rest of the world, additional 10%. In the case of Argentine exports, 50% (consisting of oil, gold and lithium carbonates) has been excluded from the 10% reciprocal tariff.
Three months await us until July 9, which will have us as witnesses of a confrontation that transcends the commercial and that shows us that the world is undoubtedly a handkerchief, where a sneezing can infect the rest.