WAR IN OUR TIMES: THE END OF THE TRADING SYSTEM AS WE KNOW IT?

Meera Manoj, Gujarat National Law University, India

Introduction

A new kind of war has captured the world’s imagination of late: a war of global tariffs.

The “trade war”, as it has been loosely termed, began with the United States’ (“US”) imposition of additional tariffs of 25% on steel and 10% on aluminum imports last March.[1] The measure was imposed as per an investigation conducted under Section 232 of the Trade Expansion Act of 1962.[2] The US concluded that the continued import of these goods constituted a threat to its national security by weakening the internal economy, leaving it “almost totally reliant on foreign producers in case of a national emergency.”[3] Continue reading