What could be the fall-out of the US tariffs on Africa?

The trade war has begun, and spectacularly so. For Africa, the direct hit may be modest — the US accounts for barely 5% of the continent's trade — but the second-order consequences are another matter. A slowdown in global demand will squeeze commodity exporters, capital will keep fleeing to safety, and the era of cheap finance is over. The bigger question is what China does with its excess manufacturing capacity. The answer may spell the end of the African manufacturing dream.

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