U.S. tariffs disrupt global trade and economies
The U.S. tariff abuse represents trade protectionism and roils the global trade ecosystem, a Nigerian expert said recently. Anthony Busong, research associate of the Center for the Study of the Economies of Africa (CSEA) said the world should work together to promote global trade integration rather than isolation. U.S.
President Donald Trump has implemented sweeping tariffs on a wide range of countries since taking office, and earlier in April imposed a 10-percent “minimum baseline tariff” on all imports, before unveiling higher rates on certain trading partners. “It’s actually a disruption in the global trade ecosystem, a movement from a multilateral system that existed, international corporations between nations, to more of a unilateral, an isolationist kind of system.
For trade experts, we believe it’s more of a protectionist trade policy, of which I think the world should have gone beyond that, pushing for more trade integration at international level,” he said in an interview with China Central Television (CCTV).
The expert believes the U.S. government should reconsider their tariff policy. “Putting up a base tariff and a reciprocal tariff on different countries, of which we understand a defect, it’s cross-cutting to even the least developed, like in Africa, the effect will really be high, going by the trade relationship in Africa.
President Trump needs to sit back and then take a review to that policy, because we should move towards global cooperation, not more of an isolationist system,” said Busong.
By Allafrica
