Ukraine: from orange revolution to banana republic
Ukraine parliament has just imposed a temporary 13% import tariff on almost all goods (excluding critically important imports) in order to increase budget revenues. This trick has been tried by many countries during Great Depression, it led to retaliation, and as a result the world trade has collapsed, growth collapsed and poorest people were hit the hardest. Ukraine will slump into deep recession next year according to recent forecasts, import duty will make it even worse. Politicians take Ukraine from orange revolution to banana republic, someone should teach them basic economics.