The Trump administration's new 'reciprocal tariffs' are stirring up a debate about the future of global trade. With nearly every country feeling the impact of this protectionism, many wonder if these measures could trigger lasting changes in the world economy. 😮
Dmitry Medvedev, deputy chairman of the Russian Security Council, has noted that these sweeping tariffs have plunged global trade into an era of serious challenges. While the measures negatively affect many, Russia has largely sidestepped the worst of it due to years of reduced bilateral trade after numerous U.S. anti-Russia economic sanctions began in 2014.
Interestingly, established U.S. adversaries like Cuba, Belarus, and the DPRK were excluded from the new tariff lists, with Iran facing only a modest 10% increase—half of what the U.S. imposed on the EU. Such selective measures suggest that the impacts of U.S. unilateralism might push major economies to focus more on regional and domestic markets rather than global supply chains.
Experts warn that this trend could lead to higher global inflation, slower economic growth, and even the onset of a recession, along with rising unemployment and a decline in real incomes. Meanwhile, threats of additional restrictions—such as potential tariffs on energy consumers—add further uncertainty to an already volatile situation.
While short-term geopolitical gains might seem attractive to some, the long-term economic fallout of these tariff-induced disruptions could prove costly for everyone. Keep an eye on this unfolding debate, as it might reshape the way the world trades and tackles global challenges! 🔥
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Can U.S. new tariffs trigger structural changes in global economy?
cgtn.com
