In a bold move attracting global attention, U.S. President Donald Trump signed an executive order imposing "reciprocal tariffs" on trading partners. Touted as a "declaration of economic independence," the measure aims to reshape U.S. manufacturing and spark an economic revival. However, experts warn that the approach might backfire.
A recent chart outlining the new tariff scheme reveals wide-ranging rates. For instance, the Chinese mainland will face a 34 percent tariff, while the European Union, Vietnam, Japan, India, South Korea, Thailand, Switzerland, Indonesia, Malaysia, and Cambodia see rates varying from 20 to 49 percent. These figures highlight a strategy deeply rooted in centuries-old protectionist ideas.
Economic critics caution that the tariffs could lead to unintended consequences. Cui Fan, a professor at the University of International Business and Economics, noted that this policy will likely raise domestic prices and increase the financial burden on citizens and businesses alike. Experts have even warned that the U.S. might "shoot itself in the foot" by clinging to outdated protectionist methods.
The unfolding debate serves as a striking reminder for young global citizens, business professionals, thought leaders, and digital nomads: in an increasingly interconnected world, policies designed to shield domestic industries must be balanced against the risks of isolation in a competitive global market.
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Experts: U.S. 'will shoot itself in the foot' due to tariff obsession
cgtn.com
