This photo taken on Aug. 4, 2022 shows the White House and a stop sign in Washington, D.C., the United States. [Photo/Xinhua]
The world is approaching painful times as the U.S. administration's so-called "reciprocal tariffs" arrive. It is an undeniable reality that the United States is unabashedly wielding hegemony in an attempt to secure its interests, but these measures may well end up backfiring.
For its major trading partners, U.S. enthusiasm for tariffs is nothing new. The latest evidence suggests that the U.S. administration will impose a 10 percent "minimum baseline tariff," and even higher rates on certain trading partners.
To some extent, Washington's flagrant bullying practice indicates the U.S. administration's growing jitters and anxiety concerning the retention of its position of superiority in an increasingly globalized world. However, it's ridiculous that the United States opts for protectionism instead of embracing the trend of the times. Playing the "tariff card" is a lose-lose game that also hurts the United States itself.
If the U.S. administration does follow through with its tariff plans, it would further elevate what are already the nation's highest tariff levels over the past decades. Leading U.S. economists have warned of high implementation costs and collectively voiced concerns about grave consequences -- such as higher consumer prices, increased inflation, a rise in unemployment, and even an economic recession.
According to a Yale University study, reciprocal tariffs will incur the United States a price level rise of 2.1 percent, should other countries choose to retaliate. This is equivalent to a loss of 2,700 to 3,400 U.S. dollars per household on average. Meanwhile, overall U.S. economic growth will drop by 1 percentage point in 2025.
Notably, classical Western economics underlines the benefits of free trade and the division of labor. America should know it can never return to the primary ends of the global supply chain in all sectors. What the U.S. administration is doing goes against basic economic laws.
It is not possible for the United States to deny that it has benefited a lot from free trade and a multilateral trading system. After all, this system substantially lowered living costs and raised living standards for people in the United States over the past decades.
Tariffs will cause damage across the board. Retaliation is almost certain and likely to be considerable. By announcing the so-called "reciprocal tariffs" scheme, the U.S. administration is dealing a heavy blow to the world trading system and the global economy at large.
For example, the Organization for Economic Cooperation and Development (OECD), in its latest Economic Outlook, forecast that global GDP growth is projected to moderate to 3.1 percent in 2025 and 3 percent in 2026. The OECD is also warning that higher and broader trade barriers will negatively impact growth around the world and add to inflation.
Any attempt to curb trade flows in the global village will backfire. Unchecked protectionism has the very real potential to trigger trade wars, with catastrophic consequences for all parties concerned, while also destabilizing the global economy. A stable and predictable trading environment should not be a luxury. It is a necessity for healthy global economic growth. Equal dialogue is the only viable approach to resolving trade disputes while bullying tariffs make things worse.
Building a better world requires shelving the obsession with tariffs and pursuing shared development based on openness and cooperation.
湿气重看中医挂什么科 | 脑血管造影是什么意思 | ber什么意思 | 国潮是什么 | 生理需要是什么意思 |
吖什么意思 | 女生补气血吃什么好 | 纤尘是什么意思 | 极端是什么意思 | 吃什么大便能特别通畅 |
鲁肃的性格特点是什么 | 信阳毛尖属于什么茶 | 肠胃不舒服挂什么科 | 叹服是什么意思 | 胃穿孔是什么症状 |
但求无愧于心上句是什么 | 黑头发有什么好处脑筋急转弯 | 肛裂是什么样子的图片 | 依波手表什么档次 | 什么血型是熊猫血 |
什么肉蛋白质含量最高hcv9jop1ns2r.cn | 乌龙茶属于什么茶inbungee.com | 得意忘形是什么意思hcv8jop6ns8r.cn | 送向日葵代表什么意思hcv7jop6ns2r.cn | 蚂蚁吃什么hcv9jop0ns8r.cn |
黄芪的读音是什么hcv8jop5ns3r.cn | 坐地能吸土是什么意思hcv9jop1ns2r.cn | 老百姓是什么意思sscsqa.com | 傻白甜的意思是什么hcv8jop6ns0r.cn | 1978属什么aiwuzhiyu.com |
榴莲什么时候最便宜hcv9jop3ns5r.cn | 纳米丝是什么面料hcv8jop2ns3r.cn | 中秋节送礼送什么hcv8jop6ns5r.cn | 颈动脉斑块吃什么药yanzhenzixun.com | 脸部麻木是什么原因引起的hcv9jop0ns2r.cn |
什么东西越洗越脏hcv9jop8ns2r.cn | smt什么意思hcv9jop6ns9r.cn | 天体是什么520myf.com | 为什么姓张的不用说免贵clwhiglsz.com | 哮喘吃什么食物好hcv8jop4ns6r.cn |
Go to Forum >>0 Comment(s)