It emerged today that China is slapping an import tariff on certain steel goods imported from the U.S. and Russia. This is the latest blow for trade in a series of tit for tat disputes between China and the U.S.

While officials in Washington and Beijing continue their petty spat, the real losers are the manufacturers, producers and consumers back at home. As of tomorrow, American companies like Ohio based AK Steel Holding Corp., will incur taxes on their steel exports to China of up to 25 per cent, while Chinese companies will now have to foot the bill for these price hikes. Less than a month ago we were reporting the same story, but the other way around.

How long will it take before both nations realise that viewing trade in this “us vs them” fashion is counterproductive for everyone involved? This negative attitude towards trading continues to hurt businesses both sides of the Pacific and everywhere else.