President Trump announced significant new tariffs on imports from key US trading partners, marking a departure from decades of free trade policy. With a total tariff rate on China set to rise to 54%, the move threatens to ignite a trade war as countries like China and others respond in kind. Trade relations could deteriorate further, impacting global supply chains and economic growth. Experts warn that such protectionist measures, if left unchecked, could harm the global economy and urge for negotiations to resolve trade disputes effectively.
"We think the tariffs could trigger protectionism and severely strike a blow to the world economy," said Fang Dongkui, secretary general of the China Chamber of Commerce to the EU.
Trump hit imports from China with a 34% tariff, making the total tariff rate jump to 54% within a week starting April 9.
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