The looming shadow of tariffs

On February 1, the new U.S. administration announced fresh tariffs on Canada, Mexico and China. These tariffs and other protectionist measures risk triggering a global wave of protectionism, exacerbating economic challenges and crippling global trade.

The United States' potential tariff increases are widely unpopular, as they are expected to raise costs, harm businesses and consumers, reduce employment, weaken the competitive advantage of enterprises and negatively impact the shipping industry. Many Americans worry that higher tariffs will drive up prices across various sectors in 2025.

When the U.S. imposed tariffs on imported electric vehicles and other products, the resulting price increases were almost entirely borne by American companies and consumers. Ultimately, the tariff burden fell on American consumers.

Global cooperation and the outlook for the world economy face growing challenges as protectionist and anti-globalization forces gain momentum. Only by upholding the multilateral trading system and continuously promoting global trade facilitation can we ensure shared prosperity. Economic globalization remains an unstoppable trend of our times and serves the common interests of all countries.