US leads the way on protectionism in 2017 with tarifs and export credit

(Global Trade Review, London, 22 February 2018) No less than 467 protectionist measures were implemented worldwide in 2017, with the US responsible for 90 of them. But while protectionism is still rising, the scale of the increase is slowing: in 2016 there were 827 new measures introduced. Research from Euler Hermes, a trade credit insurer, found that the US “decided to bolster measures to counteract perceived protectionism from key competitors” in 2017. The Trump administration implemented 30 new import tariff measures, 20 anti-dumping measures and 17 tariffs on China alone, with the headline tariff being the 30% import tariff on Chinese solar panels. Euler Hermes also found that many trading powerhouses use what it considers to be protectionism to boost their exports. Among these is export credit agency (ECA) support, with Japan being highlighted for adopting 137 protectionist measures pertaining to its ECAs over the past four years.