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Indiscriminate U.S. "reciprocal tariffs" have sent shockwaves through the world trading system. On Tuesday, China vowed to take more countermeasures if the U.S. escalates tariff measures. On the same day, the European Union unveiled retaliatory measures against American tariffs.
Economist Hong Hao warned that U.S. President Donald Trump is playing "a very dangerous game," while East China Normal University's Professor Josef Gregory Mahoney said the U.S. economy has reached an inflection point, with U.S. hegemony becoming as fragile as a "house of cards," eroding international confidence in American leadership and the multilateral trading system.