America’s tariff wars present no upside opportunities for African economies
The tariff’s most important negative impact will be via the coming global economic slowdown
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I: Putting on a brave face amidst impending economic chaos
Amid the turmoil in global markets caused by America’s protectionist turn, there have been attempts across Africa to put a positive spin to the chaos. For instance, Kenya’s Ministry of Trade & Industry issued a statement arguing that it remains a competitive frontier market destination for FDI because it only got hit with a 10% tariff. Others noted that African countries’ low trade volumes to the U.S. mean that they’ll be shielded from the worst effects of the tariffs. Yet others have argued that this is an opportunity for African states to make bilateral trade deals with the United States.
To be blunt, most of this is wishful thinking. The fact of the matter is that, since African countries fac…