Economists have warned that US President Donald Trump has "crossed the line" with his so-called "reciprocal tariff" policies and risks causing economic self-harm by isolating the United States and ultimately forcing American citizens to pay the price.
Last week, Mr. Trump signed an executive order establishing a 10% "minimum base tariff" on all imports, with higher rates applied to some trading partners. The impact of this policy continued to reverberate around the world and sparked panic in global financial markets, analysts warn of significant risks and disastrous economic consequences.
In an interview with China Central Television (CCTV) on Tuesday, a day before the tariff measures officially took effect, J. Delgersaikhan, a professor at the Mongolian University of Finance and Economics, stressed that the Excessive tariff policies were contrary to economic principles and hindered the economic progress of the United States.
"Customs duties should be included in the scope of trade policies, but they have now clearly crossed the line. Current U.S. tariff policies have clearly deviated from basic economic laws. Such practices will not be viable in the long term. The imposition of customs duties will not only lead to an increase in the prices of foreign products, but also an increase in the prices of domestic products and their substitutes. Therefore, both U.S. consumers and the economy will bear the pressure from the new tariff measures, particularly inflationary pressure, he said.
Dennis Munene, executive director of the China-Africa Center at the Africa Policy Institute in Nairobi, Kenya, pointed out that the Trump administration's recent tariff policies have significantly undermined the legitimate rights and interests of various stakeholders, including including American consumers.
"In the long run, if Trump doesn't change, we're going to see that the United States is going to be isolated. And this is now becoming a problem for American nationals. So with trade wars looming, allies will gang up on the United States and the biggest losers will be American citizens who have nothing to do with any of this", Munene said.
For his part, Indonesian economic expert Tauhid Ahmad stressed the need for the United States to reassess its tariff policy, which has violated international trade rules and will have negative repercussions on nations around the world.
"I think tariffs make our job worse, not just for one country, but for everyone. There are no rules for our business. So, not only for Indonesia, but also for China, Europe or other countries, if there are no rules, we will have to pay more as consumers, as citizens, as American citizens, because the price of the import tax is also increasing, he said.
Mengistu Ketema, director general of the Ethiopian Economic Association (EEA), said the US policy of imposing additional tariffs has disrupted the international trading system, causing damage to both himself and his partners commercial.
"The tariff measure in general is not good, even for the United States, but the extent of the damage can vary from country to country. Countries where the United States is the largest trading partner will certainly be harmed, Ketema said.
