‘Not the act of a friend’: World leaders slam Trump global tariffs
World leaders criticized Donald Trump’s 10% global tariff strategy, expressing that it’s the American populace who will suffer the most.
On Friday, China announced it would implement reciprocal 34% tariffs on all imports from the United States in response to President Donald Trump’s global tariffs initiative.
This action intensifies the ongoing trade conflict between the two largest economies. The tariffs will take effect on April 10.
According to a statement from China’s finance ministry, “This U.S. approach does not adhere to international trade regulations, infringes on China’s legitimate rights and interests, and exemplifies unilateral bullying.”
The Trump administration implemented a baseline 10% tariff on all incoming imports and has set even higher tariffs on the European Union and numerous other primary trading partners, including China.
The White House argues that its tariff strategy aims to reform global trade norms that have historically benefited foreign nations, leading to extensive job losses and a decline in U.S. manufacturing. The reaction from international leaders has been overwhelmingly negative, resulting in volatility within U.S. and global financial markets.
Previously, China was already facing a 20% tariff before Trump’s announcement of these new tariffs on Wednesday during a ceremony in the White House Rose Garden. Consequently, China’s effective U.S. import tax rate is now 54%, one of the highest on record for any major U.S. trading partner. This latest U.S. tariff on China will take effect on April 9.
Trump has labeled the tariffs as a “declaration of economic independence.” However, economists are warning about the potential impacts on the U.S. economy and those globally. Fitch Ratings has indicated that the tariffs could push economies toward recession, resulting in inflated prices for consumer goods and job cuts.
According to Tony Pelli from BSI, a business consultancy, if the tariffs remain long-term, significant alterations to global supply chains could occur. But he added, that’s a substantial “if.”
“Currently, businesses are swiftly evaluating their exposure to these tariffs, and we may observe price hikes in a matter of weeks as existing stock depletes.”
