Experts on Trump's tariff policy: U.S. is stoking international panic

After U.S. President Donald Trump's announcement on sweeping tariffs, experts expressed concern over Trump's latest move, warning it could possibly drive up inflation, backfire on the U.S. economy and incite international panic.

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Speaking with China Media Group (CMG), Peter Baur, a South African economics professor at the University of Johannesburg, noted that the new U.S. tariff policy poses a huge challenge to South Africa's economy and also has negative impacts on the U.S. public and economy.

"This is a huge concern for us, especially for our steel producers, aluminum production and our motor car exports. This is going to have an impact of course in terms of job creation. It's going to impact our economic growth," said Baur.

From the point of view of the American public, the professor pointed out that the U.S. public may face higher inflation and a possible slowdown in the growth of the U.S. economy. He noticed that the impact of the new tariff policy on the U.S. dollar, which is showing a depreciation against the euro.

The U.S. also announced on Wednesday that it would impose "reciprocal tariffs" on imports from Venezuela, as well as "secondary tariffs" of 25 percent on imports of Venezuelan oil and natural gas, a move that triggered strong opposition from Mexico, Venezuela and other countries.

Daniel Paez, a Venezuelan expert on oil issues, told CGTN that the "secondary tariffs" is a new form of U.S. sanctions, which is detrimental to the development of international oil trade.

"They are most likely trying to build an international strategy of fear or panic. But such a strategy, in fact, would not benefit international oil trade under any circumstances," he said.

Recently, the U.S. also revoked the licenses of several foreign companies operating in Venezuela.The Venezuelan government has issued a stern statement, refusing to acknowledge any extraterritorial jurisdiction, and stated that the U.S. unilateral sanctions seriously hinder the normal development of international energy trade.

The Venezuelan expert pointed out that by using restrictive policies to push out international competitors, the U.S. is essentially seeking to gain market advantage for its domestic companies.