Countries will start looking inward and isolationism is likely to be a driver for both economic and foreign policy.
Tariffs come amid an ongoing trade war between the US and China and could risk destabilising the global economy further.
The difficult relationship between two key US allies in Asia-Pacific has become a full-blown trade war, which is bound to have an impact on the global economy.
China’s Commerce Ministry expects a favourable outcome from the next round of face-to-face trade talks with the US scheduled in September, as tensions between the world's two largest economies grow.
EU lobbies are protecting unsustainable industries at the expense of free trade and poverty alleviation.
As Beijing and Washington head for another - and probably final - round of trade talks, here’s a recap of what has already happened.
The world's largest trade deal, also called RCEP, is pushed back to next year as trade ministers of Asia-Pacific countries fail to agree key terms at a summit, ahead of ASEAN meeting, in Singapore.
The world's two biggest economic powers have now slapped tit-for-tat tariffs on a combined $100 billion of products since early July, with more in the pipeline, adding risks to global economic growth.
EU Trade Commissioner Cecilia Malmstrom says the US tariffs are "illegal" and contravene World Trade Organization rules. She vows to take retaliatory action to protect European interests and jobs.
The Trump administration has launched a national security investigation into car and truck imports that could lead to new tariffs similar to those imposed on imported steel and aluminum.
President Donald Trump says the US would impose tariffs of 25 percent on steel imports and 10 percent on imported aluminium next week, as global leaders mulled taking punitive measures.
French President Emmanuel Macron has appealed to Chinese leaders to open their country's markets wider and warned lack of action might prompt other countries to close their own markets.
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