Invisible Tariffs: A Hidden Threat
Tariffs, which raise government revenues and protect domestic markets, are popular among politicians. However, they have a downside, stifling competition and innovation in the long run.
A recent forum on non-tariff barriers in Africa revealed that tariffs are just the tip of the iceberg. Non-tariff barriers, like feelings in a relationship, determine the success of trade.
Trade is more like romantic relationships. We focus more on what we can see... What really matters is the heart, the feelings.
In the short run, tariffs create jobs, but ultimately slow down the economy and job creation. Non-tariff barriers are the unseen part of the trade equation, making them a crucial aspect to consider.
Author's summary: Invisible tariffs pose a significant threat to trade and economic growth.
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