Experts on Trump's tariff policy: U.S. is against the world

Following U.S. President Donald Trump's signing of an executive order on Wednesday on "reciprocal tariffs," which imposes a "minimum baseline tariff" of 10 percent and higher rates on certain trading partners, experts said this tariff policy demonstrates that "the U.S. is against the world."

The executive order said all imports would be subject to 10 percent additional tariffs, except as otherwise provided. This will take effect on April 5.

According to a White House document, Trump will impose an "individualized reciprocal higher tariff" on the countries and regions with which the United States "has the largest trade deficits." This will take effect on April 9.

"In fact, the so-called international order which is unfair to the U.S. was formed under the leadership of the U.S., who has long been the biggest beneficiary," Wei Nanzhi, a research fellow at the Institute of American Studies, Chinese Academy of Social Sciences, told CGTN.

The hegemony of the U.S. dollar is a problem for American industrial workers, but trying to use "reciprocal tariffs" to effectively stimulate the return of manufacturing is impossible in the short term, Wei said.

In his speech from the White House Rose Garden, Trump presented a chart on "reciprocal tariffs." The chart shows that different countries and regions face different tariff rates.

For example, China will face a tariff of 34 percent, the European Union 20 percent, Vietnam 46 percent, Japan 24 percent, India 26 percent, South Korea 25 percent, Thailand 36 percent, Switzerland 31 percent, Indonesia 32 percent, Malaysia 24 percent and Cambodia 49 percent.

Trump claimed that other trading partners impose "non-monetary barriers" on the United States. The chart illustrates the tariff rates "charged" by different countries or regions to the United States, including "currency manipulation" and "trade barriers."

Responding to Trump's tariff policy, China's Ministry of Commerce on Thursday voiced firm opposition and vowed countermeasures to safeguard its rights and interests.

The ministry said the move was a typical unilateral bullying practice that seriously undermined the legitimate rights and interests of relevant parties.

Raising tariffs will not only harm the United States' own interests, but also endanger global economic growth and the stability of the industrial and supply chains, the ministry said, emphasizing that there is no winner in a trade war, and there is no way out for protectionism.

Despite Trump's claim that higher tariffs will help bring in revenue for the government and revitalize U.S. manufacturing, experts have warned that such measures will push up prices for U.S. consumers and businesses, disrupt global trade and hurt the global economy.

It is not just U.S. trading partners who will pay the price for "reciprocal tariffs," but also American consumers, including U.S. industrial workers, Wei said.

Cui Fan, a professor at the University of International Business and Economics, said the tariffs will raise domestic prices in the U.S., and increase the burden on its citizens and 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.