Davos 2020: Tariff wars now the new norm, disrupting global value chains

As tariff wars become the new normal in global trade, policy makers and industry leaders are arguing for twin focus on scale and localisation. 

Even as countries emphasise on locally manufactured products for domestic markets, there is also the need to reduce barriers to international trade. 

At a session in Davos on global value chains (GVCs), US Commerce Secretary Wilbur Ross emphatically defended the tiff over tariffs. He said, “The world has to rebalance on trade. US will continue to fight for fair rules of trade.”

Tariff wars are among the three serious challenges to global trade. The long chain