Applying a style to all elements is not something that you would normally do, so what is it that you are going to use it for?
There are some styles that you can't apply to all elements. A select
element for example doesn't support setting borders in all browsers. Setting margin on inline elements can have varying unexpected results...
Some styles are inherited, so if you for example apply a font-size to the body element, that would be inherited by any elements that doesn't already have a specific font-size set.
You can use the cascading in CSS to change the style on a lot of elements. If you for example have this style defined:
.highlight div.info { background: #ffc; }
.highlight strong { color: #f00; }
Setting className="highlight" to the body tag would give every div inside with class="info" a light yellow background and every strong element red text.