Trump Tariff: The tariffs imposed on countries around the world by the US President are under evaluation. However, in the meantime, Trump has postponed his decision to increase the tariff on many countries for 90 days. But he has imposed 145 percent tax on China. Meanwhile, economists from all over the world are assessing the impact of these charges on the global economy.
According to a major economist of the United Nations, the new tariff imposed by the US may reduce global trade by about 3%. Due to this decline, exports from major markets like the US and China may now move towards countries such as India, Canada and Brazil. This means that India is expected to benefit in this tariff war.
Pamela Coke-Hamilton, Executive Director of the International Trade Center, Geneva, said on Friday that global trade could decline by up to 3% due to changes in new trade patterns and economic integration. He said, “For example, the exports from Mexico, which now seems to be getting away from the US, China, Europe and other Latin American markets, are increasing a slight increase in exports to Canada and Brazil, and there is some increase in India as well.”
US exports may fall by $ 3.3 billion annually by 2029
He said Vietnam’s exports are growing rapidly in West Asia, North Africa (MENA), European Union, South Korea and other markets compared to the US, Mexico and China. Giving the example of the textile industry, he said that the region is important for developing countries for economic activity and employment generation. If these fees are levied, Bangladesh, the world’s second largest apparel exporter, may face counter -up to 37 per cent retaliation, causing a loss of US $ 3.3 billion on its annual exports by 2029.
He also emphasized that developing countries should focus on diversity, value enhancement and regional integration to deal with global crises – whether it is Kovid epidemic, climate change or policy change. He said, “Even in the time of uncertainty, these countries can not only deal with the crisis, but can also find opportunities for long -term preparation.” These estimates were prepared in collaboration with the French Economic Research Institute CEPII, which were based on the 90-day tariff break and the data before the announcement of additional tariffs on China.
They estimate that the ‘anti -anti -retardation’ tariffs and early protests imposed by 2040 can reduce the global GDP (GDP) by about 0.7 percent. It will have the most impact on countries such as the United States, Mexico, China, Thailand and South Africa.
China will also be active in trade war.
Additionally, Washington DC -based Asia Society Policy Institute (ASPI) Vice President and Managing Director Wendy Katler said that China’s announcement to increase tariffs on US imports makes it clear that China will also be active in trade war. He said, “China is now ready to fight a long battle.”
“They have indicated that they may also apply other measures in response to the additional steps taken by the US.” Cutler further stated that currently, 145 percent of sugar imports in the United States are being taxed, and China is levying 125 percent tax on US imports, which could have a major impact on goods trade between the world’s two largest economies.
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