Experts on Trump's tariff policy say: U.S. is fueling global panic
Following U.S. President Donald Trump's announcement regarding extensive tariffs, experts voiced their apprehensions about the implications of this decision. They cautioned that it might lead to increased inflation, negatively impact the U.S. economy, and trigger global unrest.
TroibNews
Following U.S. President Donald Trump's announcement of sweeping tariffs, experts raised alarms about the potential ramifications of this decision, warning that it could lead to increased inflation, negatively impact the U.S. economy, and provoke global unrest.
Experts indicated concerns that the U.S. may be "shooting itself in the foot" due to what they perceive as an obsession with tariffs.
In an interview with China Media Group, Peter Baur, an economics professor from the University of Johannesburg, highlighted that the new U.S. tariff policy represents a significant challenge for South Africa's economy while also adversely affecting the U.S. public and economy.
"This is a huge concern for us, especially for our steel producers, aluminum production and our motor car exports. This is going to have an impact of course in terms of job creation. It's going to impact our economic growth," Baur stated.
He further noted that the American public might experience higher inflation and a potential slowdown in the growth of the U.S. economy. Baur also observed that the new tariff policy is affecting the value of the U.S. dollar, which is depreciating against the euro.
Additionally, the U.S. announced it would implement "reciprocal tariffs" on imports from Venezuela and impose "secondary tariffs" of 25 percent on imports of Venezuelan oil and natural gas, inciting strong opposition from Mexico, Venezuela, and other nations.
Daniel Paez, a Venezuelan expert on oil issues, described the "secondary tariffs" as a new iteration of U.S. sanctions detrimental to the international oil trade.
"They are most likely trying to build an international strategy of fear or panic. But such a strategy, in fact, would not benefit international oil trade under any circumstances," he remarked.
Recently, the U.S. also revoked the licenses of several foreign companies operating in Venezuela. In response, the Venezuelan government issued a strong statement rejecting any extraterritorial jurisdiction and argued that the U.S. unilateral sanctions severely disrupt the normal development of international energy trade.
The Venezuelan expert emphasized that the U.S. is effectively using restrictive policies to eliminate international competitors, aiming to secure a market advantage for its domestic firms.
Frederick R Cook for TROIB News
Experts indicated concerns that the U.S. may be "shooting itself in the foot" due to what they perceive as an obsession with tariffs.
In an interview with China Media Group, Peter Baur, an economics professor from the University of Johannesburg, highlighted that the new U.S. tariff policy represents a significant challenge for South Africa's economy while also adversely affecting the U.S. public and economy.
"This is a huge concern for us, especially for our steel producers, aluminum production and our motor car exports. This is going to have an impact of course in terms of job creation. It's going to impact our economic growth," Baur stated.
He further noted that the American public might experience higher inflation and a potential slowdown in the growth of the U.S. economy. Baur also observed that the new tariff policy is affecting the value of the U.S. dollar, which is depreciating against the euro.
Additionally, the U.S. announced it would implement "reciprocal tariffs" on imports from Venezuela and impose "secondary tariffs" of 25 percent on imports of Venezuelan oil and natural gas, inciting strong opposition from Mexico, Venezuela, and other nations.
Daniel Paez, a Venezuelan expert on oil issues, described the "secondary tariffs" as a new iteration of U.S. sanctions detrimental to the international oil trade.
"They are most likely trying to build an international strategy of fear or panic. But such a strategy, in fact, would not benefit international oil trade under any circumstances," he remarked.
Recently, the U.S. also revoked the licenses of several foreign companies operating in Venezuela. In response, the Venezuelan government issued a strong statement rejecting any extraterritorial jurisdiction and argued that the U.S. unilateral sanctions severely disrupt the normal development of international energy trade.
The Venezuelan expert emphasized that the U.S. is effectively using restrictive policies to eliminate international competitors, aiming to secure a market advantage for its domestic firms.
Frederick R Cook for TROIB News
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