Global trade is in for a twist! Experts warn that U.S. President Donald Trump's sweeping tariffs may hit Global South countries hard, triggering a domino effect that could lead to a manufactured global recession. Economics professor Jayati Ghosh from the University of Massachusetts Amherst explained that canceled or delayed export orders are undermining supply chains and fueling unemployment.
Imagine a blockbuster movie twist – that's the kind of unexpected shock these tariffs could deliver. For instance, Bangladesh, the world's second largest apparel exporter, could lose around $3.3 billion in annual exports to the U.S. by 2029 if the 37% tariff holds steady.
The Bahamas is also on high alert. With residents already struggling with rising inflation and high living costs due to heavy reliance on imports, the new tariffs only add to the pressure. The Bahamas Chamber of Commerce and Employers Confederation has expressed deep concerns about the economic strain this policy could cause.
Adding another layer to this unfolding drama, Chinese Ambassador to the Bahamas Yan Jiarong stressed the need for Global South countries to work together and boost South-South cooperation. Yan highlighted China's role as an anchor of stability in the multilateral trading system, reaffirming its commitment to further economic openness and resilience.
As this economic storm gathers momentum, all eyes are on whether united efforts among Global South countries can cushion the blow. Stay tuned for more updates on this global trade saga! 🚀
Reference(s):
Experts: Global South countries suffer from Trump's tariff policy
cgtn.com
