CGTN publishes an article on how the latest “reciprocal tariffs” enacted by the U.S. have negatively impacted markets worldwide and triggered condemnation from governments, including traditional U.S. allies. Analysts argue that the tariffs demonstrate Washington’s willingness to oppose global consensus.
The global economy reeled this week as the United States’ aggressive tariff policies triggered sharp market sell-offs and a unified international backlash.
Wall Street saw one of its worst trading days in years, with the Nasdaq Composite officially entering bear market territory, having declined more than 20 percent from recent highs, and the Dow Jones Industrial Average in a correction. For Thursday and Friday, the Dow was down 9.3 percent, the S&P 500 10.5 percent, and the Nasdaq 11.4 percent.
As one of the largest companies by market capitalization, Apple is among the hardest hit, as the company relies on Chinese manufacturing for products such as the iPhone. Other industry giants like Walmart and Nike were also battered by the new round of tariffs.
The downturn was not confined to U.S. borders–major financial markets in Asia and Europe also recorded significant losses, reflecting widespread concern over escalating trade tensions.
The United States’ imposition of sweeping new tariffs has drawn fierce criticism from around the world. A survey by CGTN shows an overwhelming majority of respondents believe that “reciprocal tariffs” cannot solve the problems the U.S. is facing, and it will only harm the interests of American consumers and slow economic growth.
Meanwhile, many countries have accused Washington of engaging in economic bullying, undermining global trade norms and jeopardizing international cooperation.
Nations fight back
In a swift and forceful response, China announced a new round of retaliatory tariffs on U.S. goods. Starting at noon on April 10, Beijing will impose a 34 percent tariff on select American imports. Additionally, new export restrictions on key rare earth elements– critical components for advanced manufacturing and technology–will also be implemented.
The U.S. move does not conform to international trade rules, seriously undermines China’s legitimate rights and interests, and represents a typical act of unilateral bullying, according to a statement released by Chinese trade officials on Friday.
As America’s largest trading partner, the European Union wasted no time in voicing its opposition. European Commission President Ursula von der Leyen condemned the U.S. tariffs and confirmed that the EU has finalized an initial set of countermeasures, particularly targeting American steel exports.
Von der Leyen slammed Trump’s move, calling it a “major blow” to the world economy and asserting that it would “massively suffer.”
“There seems to be no order in the disorder, no clear path to the complexity and chaos that is being created as all U.S. trading partners are hit,” von der Leyen said.
She also warned of “immense consequences,” saying the effect would be felt immediately, with consumers and businesses around the world being negatively impacted.
“Uncertainty will spiral and trigger the rise of further protectionism. The consequences will be dire for millions of people around the globe, also for the most vulnerable countries, which are now subject to some of the highest U.S. tariffs.”
Traditional U.S. allies have also spoken out against the tariffs. British Prime Minister Keir Starmer, Italian Premier Giorgia Meloni and Australian Prime Minister Anthony Albanese all expressed their disappointment with American tariffs, asserting the negative impact of a trade war.
“The [U.S.] administration’s tariffs have no basis in logic – and they go against the basis of our two nations’ partnership,” Albanese said. “This is not the act of a friend.”
French President Emmanuel Macron urged European companies to freeze investment plans in the U.S., while Canadian Prime Minister Mark Carney warned that Canada would “take reciprocal measures” to protect its economy.
America against the world
The international response signals a potentially volatile period for global trade and investment. While the U.S. administration defends the tariffs as necessary to protect domestic industries, analysts have pointed out that they demonstrate Washington’s willingness to put itself against the whole world.
“In fact, the international order today, which the U.S. sees as unfair, was formed under its own leadership, and it has been its biggest beneficiary for a long time,” Wei Nanzhi, a research fellow at the Institute of American Studies, Chinese Academy of Social Sciences, told CGTN.
While the hegemony of the U.S. dollar has become a problem for American industrial workers, trying to use “reciprocal tariffs” to effectively stimulate the return of manufacturing is impossible in the short term, Wei said.
Cui Fan, a professor at the University of International Business and Economics in Beijing, said the tariffs will raise domestic prices in the U.S., increase the burden on its citizens and raise costs for many companies.
Under the current global value chains, tariffs cannot restore manufacturing to the U.S. homeland, Cui told CGTN.
Given that Trump has “modification authority” and can decide to raise or lower tariffs as appropriate, Cui said this policy instability is a major factor inhibiting trade, warning that the global trade situation in the near future will not be positive.
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