🔆Current context: The article discusses the implications of the US imposing tariffs on various countries, citing concerns over trade imbalances and illegal immigration. 📍Tariffs Imposed: ✅US imposes tariffs on Canada, Mexico, and China. ✅Tariffs on Canadian and Mexican goods at 25%, with 10% tax on Canadian energy products. ✅10% tax on goods from China. ✅Retaliatory tariffs warned by Ottawa and Mexico City. ✅Tariffs delayed by one month after calls between leaders. ✅Potential tariffs on EU. 📍Reasons for Tariffs: ✅Official reason: Addressing "national emergency" due to "illegal aliens and drugs". ✅Actual reason: Trade imbalances and campaign promises. Impact of Tariffs: ✅Global market turmoil. Ex: Concerns over supply chain disruptions in Japan, South Korea, and Asia. ✅Trade war. Ex: China filing lawsuit with WTO. ✅Higher prices for US consumers. Ex: Increased cost of imported products. ✅Inflationary impact. Ex: Higher input prices across industries. 📍Arguments Against Tariffs: ✅Tariffs seen as a weapon against unrelated disputes. ✅Potential for global economic slowdown. ✅Ineffective solution for immigration and drug issues. Possible Questions: Prelims: The recent imposition of tariffs by the US on various countries has raised concerns about: Increased prices for consumers in the US. A potential trade war between the US and China. Disruptions to global supply chains. Which of the above statements is/are correct? (a) 1 only (b) 2 and 3 only (c) 1 and 3 only (d) 1, 2 and 3 Mains: Critically evaluate the use of tariffs as a tool to address trade imbalances and other unrelated issues such as immigration. Discuss the potential consequences of such actions on the global economy.