In a dramatic twist in global trade, tensions are rising as tariff measures escalate between the U.S. and the Chinese mainland. Initially, the Chinese mainland imposed a 34% tariff on all U.S. imports, prompting the Trump administration to threaten an additional 50% tariff on Chinese goods on April 7. Critics argue that using national security as a cover, these actions amount to economic bullying and unilateral coercion.
Nobel Prize-winning economist Joseph Stiglitz warned that the U.S. is shifting from a free trade advocate to a potential trade destroyer. Moreover, the International Monetary Fund has cautioned that such measures could shrink global trade by about 7%, jeopardizing supply chains around the world.
Global leaders have not stayed silent. European Commission President Ursula von der Leyen announced that the EU would counter the tariff policy. German Chancellor Olaf Scholz and French President Emmanuel Macron, along with Mexican President Claudia Sheinbaum Pardo, have expressed strong opposition and indicated plans for reciprocal measures. UN Secretary-General Antonio Guterres and WTO Director-General Ngozi Okonjo-Iweala have also warned that these unilateral actions risk dismembering the multilateral trading system.
In today’s interconnected world, our generation values fairness, unity, and a stable global economy. It’s time for nations to join hands, push back against tariff bullying, and build a trade system that works for everyone. 🤝🌍
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Why it's necessary to join hands to counter U.S. tariff bullying
cgtn.com
