Trade liberalization of international markets remains one of the most contested topics in modern international trade. Most developed economies take pride in their advanced liberal markets. Liberalization of international markets enables countries to take advantage of cheaper imports than concentrating on manufacturing products.
Importance of Trade Liberalization
These products may lack inherent competitive and comparative advantages when produced locally. Despite this huge support for market liberalization, growing dissenting voices against free trade gained momentum before the 2017 election. Donald Trump, the US president who has remained a sharp critic of market liberalization, has sparked a tariff war by instituting several tariffs meant to protect local industries. This paper reacts to varying views touching on trade, tariffs, liberalization versus protectionism.