War.

What is it good for? Absolutely nothing.

Whether it is a military conflict between countries, a clash between gangs or a “cold” one, wars, more often than not, result in more pain and suffering for all, rather than gains.

Since US president Donald Trump announced a swathe of tariffs to be imposed on countries such as Canada, Mexico and China, the world has been nervously anticipating a trade war, one that could shake the global economy, even as it is just recovering from a global pandemic and the Ukraine/Russian war.

Thus far, after announcing tariffs on the three countries, the only threat he made good on was against China, with a 10 per cent tariff on all imports going into effect on February 4. Earlier this week, Trump threatened a 25 per cent tariff on Canadian and Mexican imports, and a 10 per cent tariff on Canadian energy products. The Trump administration has held its hand on imposing taxes with Mexico and Canada for 30 days pending negotiations.

The US tariffs on China are additional to tariffs imposed in 2016 during Trump’s first term. Trump may also set his sights on the EU, already suggesting that tariffs against Europe may be imposed.

China has already hit back with a 10-15 per cent tariffs on US energy products and other US products, to take effect by February 10. The threat of a trade war is likely to mean trouble for US citizens who may feel a financial pinch as the US is still dependent on imports from many countries for its manufacturing inputs.

While no tariffs have been placed on countries in the Caribbean, an impasse between US and developed countries is worrisome for the region, including TT, where the lion’s share of food, electronics, machinery and inputs for manufacturing comes from imports.

Business chambers and economists speaking to Business Day expressed real concern that with the threat of higher import costs for many items, TT and the region could become collateral damage in a trade war.

Trump’s first salvo

Trump’s first salvo in the looming trade war was not against China, but against Colombia, a little over a week ago.

The US president in a bid to rid the US of illegal immigrants through mass deportations sent over 200 Colombian nationals back to the country in military airplanes.

But on January 26, Colombian President Gustavo Petro barred the planes from landing, prompting the Trump administration to threaten to levy a 25 per cent tariff on all imports coming in from Colombia.

Petro in social media messages threatened tariffs of his own but, on January 27, Colombia yielded, taking back the immigrants.

The White House immediately took a victory lap as it lauded the US president’s “hard-line approach.”

White House press secretary Karoline Leavitt said the tariffs and sanctions would be held in reserve and not signed unless Colombia fails to honour their agreement to accept deportees.

Similarly, Mexico and Canada, in the face of their own tariffs, conceded to Trump’s demands.

On February 1, Trump announced the tariffs on his two neighbours, wi