Meanwhile, there are grave concerns that the world could enter a new economic era, led by a global trade war among countries by imposing higher tariffs and protectionist policies.
Investors triggered risk-off mode last after U.S. President Donald Trump’s decision to impose tariffs on $60 billion in Chinese goods, and as the U.S. duties on steel and aluminum imports came into effect.
According to the World Bank’s data for 2016, the U.S. had a weighted average tariff of 1.6 percent, one the of the lowest in the world. Nearby, Canada got the lowest tariffs with just 0.8 percent.
On the other hand, the highest tariffs are located in Africa, with Gabon imposing 16.3 percent, while the highest in the world was depicted in Bahamas that charges a whopping 18.6 percent tariffs.