As the U.S. tariff salvo sounds, trade turmoil erupts all around

U.S. President Donald Trump on Wednesday signed an executive order at the White House regarding the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners. Since Trump returned to the presidency, tariffs have once again become a tactical weapon against other countries, with Trump saying tariffs "give us great power to negotiate." Now, as a tariff storm looms over the world, when will the global economy get back on its feet?

While Donald Trump believed that imposing tariffs would benefit America by reducing its trade deficit with these countries, increasing its fiscal revenue, or being used as a bargaining chip in negotiations, the risks would be like setting off a ticking time bomb. The sweeping tariffs would drive up prices, create tensions and disrupt global trade. Immediately after the "reciprocal tariffs" announcement, global stock markets tumbled, reflecting an apparent wave of panic.

Under the guise of "reciprocity", Washington has fired its tariff salvo worldwide. What appears to be a strike against others is, in truth, a self-inflicted wound. Rising trade costs will lead to higher operational expenses for businesses, ultimately harming both American enterprises and consumers. Escalating prices fuel inflation, which may backfire and damage the U.S. economy. The question remains: Is there ever a winner in a tariff war?

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