Experts on Trump's Tariff Approach: "U.S. is against the world"
In response to U.S. President Donald Trump's signing of an executive order on "reciprocal tariffs" on Wednesday, which establishes a 10-percent "minimum baseline tariff" along with increased rates on select trading partners, analysts have indicated that this tariff policy illustrates that "the U.S. is against the world."
TroibNews 
Following U.S. President Donald Trump's signing of an executive order on Wednesday regarding "reciprocal tariffs," which imposes a "minimum baseline tariff" of 10 percent and higher rates on specific trading partners, analysts remarked that this tariff policy illustrates that "the U.S. is against the world."
The executive order states that all imports will incur an additional 10 percent tariff, unless specified otherwise. This measure is set to take effect on April 5.
According to a document from the White House, Trump plans to implement an "individualized reciprocal higher tariff" targeting the countries and regions with which the United States "has the largest trade deficits." This will begin on April 9.
Wei Nanzhi, a research fellow at the Institute of American Studies, Chinese Academy of Social Sciences, stated, "In fact, the so-called international order which is unfair to the U.S. was formed under the leadership of the U.S., who has long been the biggest beneficiary."
While the dominance of the U.S. dollar poses challenges for American industrial workers, Wei asserted that employing "reciprocal tariffs" to effectively stimulate a manufacturing resurgence is implausible in the short term.
During his speech from the White House Rose Garden, Trump showcased a chart on "reciprocal tariffs." This chart illustrates that tariff rates differ among various countries and regions.
For instance, China is set to face a tariff of 34 percent, the European Union 20 percent, Vietnam 46 percent, Japan 24 percent, India 26 percent, South Korea 25 percent, Thailand 36 percent, Switzerland 31 percent, Indonesia 32 percent, Malaysia 24 percent, and Cambodia 49 percent.
Trump contended that other trading partners impose "non-monetary barriers" on the United States. The chart highlights the tariff rates "charged" by different countries or regions to the United States, including "currency manipulation" and "trade barriers."
In response to Trump's tariff policy, China's Ministry of Commerce expressed strong opposition on Thursday and promised countermeasures to protect its rights and interests.
The ministry characterized the move as a typical example of unilateral bullying that severely compromises the legitimate rights and interests of the parties involved.
It underscored that raising tariffs would not only adversely affect the United States' own interests but also threaten global economic growth and the stability of industrial and supply chains. The ministry reiterated that there are no winners in a trade war, highlighting that protectionism offers no viable solution.
Despite Trump's assertion that higher tariffs will generate revenue for the government and rejuvenate U.S. manufacturing, experts have cautioned that such actions will raise prices for American consumers and businesses, disrupt global trade, and negatively impact the global economy.
"The price for 'reciprocal tariffs' will not only be paid by U.S. trading partners, but also by American consumers, including U.S. industrial workers," Wei noted.
Cui Fan, a professor at the University of International Business and Economics, remarked that the tariffs will drive up domestic prices in the U.S., increasing the financial burden on citizens and escalating costs for numerous companies.
Cui pointed out that, given the current structure of global value chains, tariffs cannot bring manufacturing back to the U.S. homeland.
Noting that Trump has "modification authority" allowing him to adjust tariffs as deemed necessary, Cui indicated that this policy instability is a significant factor hindering trade, cautioning that the global trade outlook in the near future is unlikely to be positive.
Ramin Sohrabi for TROIB News
The executive order states that all imports will incur an additional 10 percent tariff, unless specified otherwise. This measure is set to take effect on April 5.
According to a document from the White House, Trump plans to implement an "individualized reciprocal higher tariff" targeting the countries and regions with which the United States "has the largest trade deficits." This will begin on April 9.
Wei Nanzhi, a research fellow at the Institute of American Studies, Chinese Academy of Social Sciences, stated, "In fact, the so-called international order which is unfair to the U.S. was formed under the leadership of the U.S., who has long been the biggest beneficiary."
While the dominance of the U.S. dollar poses challenges for American industrial workers, Wei asserted that employing "reciprocal tariffs" to effectively stimulate a manufacturing resurgence is implausible in the short term.
During his speech from the White House Rose Garden, Trump showcased a chart on "reciprocal tariffs." This chart illustrates that tariff rates differ among various countries and regions.
For instance, China is set to face a tariff of 34 percent, the European Union 20 percent, Vietnam 46 percent, Japan 24 percent, India 26 percent, South Korea 25 percent, Thailand 36 percent, Switzerland 31 percent, Indonesia 32 percent, Malaysia 24 percent, and Cambodia 49 percent.
Trump contended that other trading partners impose "non-monetary barriers" on the United States. The chart highlights the tariff rates "charged" by different countries or regions to the United States, including "currency manipulation" and "trade barriers."
In response to Trump's tariff policy, China's Ministry of Commerce expressed strong opposition on Thursday and promised countermeasures to protect its rights and interests.
The ministry characterized the move as a typical example of unilateral bullying that severely compromises the legitimate rights and interests of the parties involved.
It underscored that raising tariffs would not only adversely affect the United States' own interests but also threaten global economic growth and the stability of industrial and supply chains. The ministry reiterated that there are no winners in a trade war, highlighting that protectionism offers no viable solution.
Despite Trump's assertion that higher tariffs will generate revenue for the government and rejuvenate U.S. manufacturing, experts have cautioned that such actions will raise prices for American consumers and businesses, disrupt global trade, and negatively impact the global economy.
"The price for 'reciprocal tariffs' will not only be paid by U.S. trading partners, but also by American consumers, including U.S. industrial workers," Wei noted.
Cui Fan, a professor at the University of International Business and Economics, remarked that the tariffs will drive up domestic prices in the U.S., increasing the financial burden on citizens and escalating costs for numerous companies.
Cui pointed out that, given the current structure of global value chains, tariffs cannot bring manufacturing back to the U.S. homeland.
Noting that Trump has "modification authority" allowing him to adjust tariffs as deemed necessary, Cui indicated that this policy instability is a significant factor hindering trade, cautioning that the global trade outlook in the near future is unlikely to be positive.
Ramin Sohrabi for TROIB News
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