Editor's note: Peng Delei is a professor at the School of Law, East China University of Science and Technology. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity.

Recently, the US government imposed sweeping tariffs on its global trading partners while coercing them into so-called "reciprocal tariff" negotiations. It has even demanded that other countries scale back their trade with China in exchange for tariff exemptions. These unilateral acts of trade bullying carried out under the guise of "reciprocity" have already delivered a systemic blow to the global trading system, from which the US itself cannot remain insulated. Clearly, "reciprocal tariffs" are failing to realize the goal of "Make America Great Again". On the contrary, they are plunging the US into multiple crises. Their negative impacts are spreading swiftly across the globe, and in the end, this abuse of tariffs will only prove self-defeating and backfire.

Uncertainties and concerns loom over the US market 

The uncertainty triggered by the US's excessive tariff imposition has already prompted a rapid outflow of global capital from the US markets, with financial markets bearing the brunt. In April 2025, for example, the US Dollar Index plummeted to a three-year low, reflecting investors' deep concerns over the country's economic prospects. The US Treasury market has also seen a wave of sell-offs. Many financial institutions now believe that escalating trade and tariff wars will further erode investors' confidence in the US and may even trigger a "dollar confidence crisis". These fears have already been transmitted to transnational corporations. In fact, the recent visits to China by executives from transnational companies such as NVIDIA evidently reflect global companies' anxiety over an escalating trade war and a strong desire to access the Chinese market.

American farmers are face mounting export difficulties

Excessive tariffs will also push sectors such as US agriculture into crisis. For instance, soybeans and other major US agricultural products have been primarily exported to China. The imposition of "reciprocal tariffs" by the US will inevitably prompt China to seek alternative suppliers, accelerating its pivot toward countries like Brazil and Argentina. After losing their largest export market, China, American farmers will face mounting export difficulties. While the Trump administration seeks to use tariffs to accelerate the reshoring of US manufacturing, this approach may come at the expense of the US's agricultural interests.

Unilateral tariffs disrupt global trade order and push the US economy into recession

The US government's "reciprocal tariff" measures are inflicting systemic disruption to the global trade order and are inducing the risk of economic recession in the US and even the world. A recent Anti-Tariff Declaration, signed by many renowned economists, argues that the current US administration's tariffs are motivated by a mistaken understanding of the economic conditions faced by ordinary Americans and warns that such policies could push the US economy into recession. Similarly, the latest WTO report cautions that the spillover effects of US tariffs and the associated uncertainty will reduce North American exports by 12.6 percent and lead to a 1.5 percent drop in global goods trade. This will severely damage the global economy, especially the most vulnerable economies, becoming one of the primary drags on global economic growth. This "beggar-thy-neighbor" strategy not only harms the interests of US allies but also threatens to isolate the US from global supply chains.

The White House is paying a long-term price for short-term political gains

At its core, the US government's tariff policy is a continuation of the "America First" hegemonic mindset. Such unilateral bullying is bound to backfire, and the US is now paying a long-term price for short-term political gains. This lesson serves as a profound reminder that a zero-sum approach to trade and economic issues is not a solution. At present, the international community must work together to resist unilateral trade protectionism, uphold the authority of the multilateral trading system, and promote global economic recovery and sustainable development.