America reverting back to pre-1492 era?
Every other day, US President Trump announces imposition of a new tariff on other countries. Anyone not falling in line with Trump's dictates, a new tariff gets imposed.
As of now, the tariff layers look like:
General tariffs
+
Fentanyl tariff
+
Russia tariff
+
Iran tariff
+
Greenland tariff
Visas for citizens of over 75 countries have been completely halted. For citizens of other countries including India and China, work visa applications have been indefinitely deferred effectively making them 'rejected'. Even for tourist visas, US authorities are taking months in strictly scrutinizing social media accounts of applicants. Trump has been incessantly forcing US universities not to admit foreign students and US companies are being dictated to employ only US citizens in all job roles in the US.
US has withdrawn from more than 60 global organizations including some prominent UN agencies. In last one year, US has rescinded many multilateral treaties or agreements. US has also left multiple global environmental forums and has openly announced its plans to heavily go back to fossil fuels. Trump administration has stopped monetary grants to global aid programs meant for the children, underprivileged, AIDS patients etc. and has significantly reduced its contributions to the UNO.
All in all, the US which was the undisputed world leader just before 20th January last year; has alienated itself within a year to the level unimaginable in this era of globalization. Several other countries have also imposed or may impose counter-tariffs on goods exported by the US in response to tariffs imposed by the US. I will not be surprised if we see China tariffs, Brazil tariffs, Cuba tariffs etc. in near future.
If these policies of Mr. Trump continue in the same fashion, the time is not far when US ships will be catching rust at shores and all its seaports will look deserted due to no activity. US based international airports will shut due to no movement of international passengers. Global forums will remain without US participation. US universities with massive capacities will turn unviable and ultimately closed.
Eventually, USA is rapidly reverting back to pre-1492 era of isolation when it was first discovered by Columbus.
--CA Mahesh Bansal
9716263569
About the author: Author is a senior Chartered Accountant and analyst freely expressing his opinions on matters of finance, taxation, capital markets, government policies, social and political issues and current affairs.
As of now, the tariff layers look like:
General tariffs
+
Fentanyl tariff
+
Russia tariff
+
Iran tariff
+
Greenland tariff
Visas for citizens of over 75 countries have been completely halted. For citizens of other countries including India and China, work visa applications have been indefinitely deferred effectively making them 'rejected'. Even for tourist visas, US authorities are taking months in strictly scrutinizing social media accounts of applicants. Trump has been incessantly forcing US universities not to admit foreign students and US companies are being dictated to employ only US citizens in all job roles in the US.
US has withdrawn from more than 60 global organizations including some prominent UN agencies. In last one year, US has rescinded many multilateral treaties or agreements. US has also left multiple global environmental forums and has openly announced its plans to heavily go back to fossil fuels. Trump administration has stopped monetary grants to global aid programs meant for the children, underprivileged, AIDS patients etc. and has significantly reduced its contributions to the UNO.
All in all, the US which was the undisputed world leader just before 20th January last year; has alienated itself within a year to the level unimaginable in this era of globalization. Several other countries have also imposed or may impose counter-tariffs on goods exported by the US in response to tariffs imposed by the US. I will not be surprised if we see China tariffs, Brazil tariffs, Cuba tariffs etc. in near future.
If these policies of Mr. Trump continue in the same fashion, the time is not far when US ships will be catching rust at shores and all its seaports will look deserted due to no activity. US based international airports will shut due to no movement of international passengers. Global forums will remain without US participation. US universities with massive capacities will turn unviable and ultimately closed.
Eventually, USA is rapidly reverting back to pre-1492 era of isolation when it was first discovered by Columbus.
--CA Mahesh Bansal
9716263569
About the author: Author is a senior Chartered Accountant and analyst freely expressing his opinions on matters of finance, taxation, capital markets, government policies, social and political issues and current affairs.
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