GITFiC analyses Donald Trump’s 10% tariffs on imports; recommends legal action against US

The Ghana International Trade and Finance Conference (GITFiC) has admitted that the recent drastic reforms announced by US President Donald J. Trump present both challenges and opportunities for countries to adapt, innovate and strengthen their economic futures.

It added that the moment presents an opportunity for nations to address their economic vulnerabilities and contribute positively to global trade governance.

These were contained in a press release issued on Thursday, April 3 by the Chief Executive of GITFiC, Selasi Koffi Ackom.

Mr Koffi Ackom noted that tariffs are primarily sales taxes, which are, he stated, are mainly beneficial to the targeted country rather than the imposing country.

Admitting the challenges and opportunities presented by the unilateral stance adopted by the Trump administration, GITFiC’s CEO recommended three actions in order for nations the navigate “this landscape”.

“Given that over 80% of countries in Africa may lack the capacity for effective individual retaliation, a united response is recommended to maximize impact. Same for others.

“It is crucial for both highly affected and less affected countries to promptly engage with the World Trade Organization (WTO) and invoke WTO Article XXIII, which addresses dispute resolution and consultation, thereby facilitating constructive dialogue and urgent redress.

“All affected state parties retain the right to seek legal recourse against the United States for reversal, economic damages, and compensation, emphasizing the importance of fairness in international trade,” the press release recommended, pointing out: “The WTO is a master of its rules and has established world-class adjudication procedures and processes in place. Fair Trade is the order of the day.”

GITFiC has, therefore, offered to collaborate with all affected state parties “to work toward maintaining the momentum of economic progress and stability through our Global Debt Initiative, thereby avoiding setbacks reminiscent of the challenges faced during the COVID-19 pandemic”.

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