The U.S. tariff on steel and aluminum for many countries is increasing the probability of a full-scale trade conflict, including the traditional American allies such as the European Union and Japan, the two major neighbors of Canada and Mexico, and the world economic locomotive. China. In this regard, foreign media believe that a capricious government will be the biggest problem of the US economy, affecting all aspects of the US economy; international institutions also warn about the adverse effects of trade wars; US companies are also uneasy about trade wars .
Foreign media released uneasy
The United States is trying to pressure major trading partners by levying tariffs on steel and aluminum, thereby gaining the opportunity to renegotiate trade agreements and gain greater benefits for the United States. But so far, the major trading partners and neighboring countries of the United States are not willing to follow suit easily, and they have proposed counter-measures against the irrational behavior of the United States. The smell of war in the trade war has become more and more concentrated. In this regard, foreign media, including the United States, have expressed their opinions and expressed their anxiety.
The Washington Post believes that the US approach is by far the most risky step in Trump's "US first" strategy - an aggressive move that has made American business leaders, and even the Republican Party, uneasy.
"USA Today" published an article pointing out that as the trade disputes between the United States and its trading partners intensify, the potential threat of the addition of tariffs to the property of American consumers is far more than paying a little for a piece of steak or a television set. degree.
The US Capitol Hill quoted John Murphy, vice president of the American Chamber of Commerce, as saying that the US government’s move means that in the first week of July, the United States will have a total value of $75 billion worth of retaliatory tariffs from many countries around the world. influences.
The US government's approach has not only raised questions from the media in China, but has also been widely criticized by international public opinion. Many media have expressed concern about the possible negative impact of the trade war provoked by the United States on the world economy.
The British "Financial Times" said that the US and Canada tariffs will harm domestic companies. The British "Financial Times" cited analysis that the US government's move will interfere with the entire industry chain, making American companies that rely heavily on the global division of labor the biggest victims.
The Nihon Keizai Shimbun reported that the trade war provoked by the United States is expanding to the whole world, bringing huge downside risks to the global economy.
Foreign media said that if Trump further promotes protectionist measures, it may trigger stock market selling pressure, which will damage corporate and consumer confidence.
International agencies have warned
For the United States' willfulness and the stalemate with many important trading partners, international organizations and financial institutions have issued a possible assessment of the trade war, warning the damage caused by the trade war.
The Organization for Economic Co-operation and Development said that the possibility of a trade war threatens the prospects for global economic growth, after the world is expected to hit the lowest unemployment rate in 40 years. The risk of a trade war is the primary risk of the global economy. The current global economic interdependence is higher than ever, and although the number of trade restrictions has increased over the past decade, further actions may have severely dragged economic growth. The organization expects that if the United States, the European Union, and China raise tariffs and increase trade costs by 10%, the world economy will fall by 1.4%.
The International Monetary Fund (IMF) issued a US economic policy assessment report warning that the US government's trade policy of increasing tariffs and other restrictions on imports will pose risks to the global economy and trading system.
The IMF stressed that the global economy needs to be based on an open, fair and rule-based trading system, but US trade policies and initiatives have raised concerns among all parties, fearing that these measures will have a negative impact on the US and its trading partners. . The IMF warned that the US government rarely used "national security" to defend imported steel and aluminum products and potential import vehicle tariffs, which opened a bad head. Other countries may follow the example of the United States, creating barriers to imports, and the rule-based global trading system will be undermined.
The IMF called for "the United States and its trading partners should take constructive actions to reduce trade barriers and resolve trade and investment disputes rather than set up barriers." IMF economists believe that the Trump administration's focus on the trade deficit between the United States and some countries is misplaced, and the trade deficit "should not be a target." In addition, the report believes that the US large tax cuts will stimulate domestic economic growth in the short term, but will increase the long-term risks of the domestic economy and the global economy.
IMF Managing Director Lagarde also said that the unilateral trade actions taken by the United States are destructive and not conducive to the operation of the global economy and trading system.
Scotiabank issued a report that the US tariff action will hit the Canadian and Mexican economies, reducing the Canadian economy by 1.8%.
Beauty will be damaged
The trade war triggered by the United States will also cause harm to the United States itself.
The International Monetary Fund said that the "trade war" is also a risk factor for the US economy. If the United States and its partner countries are rushing to retaliate against tariff increases, "the United States and abroad will become factors that drive down investment."
US business leaders said that when so many countries such as the European Union, Canada, and Mexico announced the levy of retaliatory tariffs on the United States in July, American retailers, farmers, and auto workers... all the interests of workers in the global value chain in the United States will be In danger.
According to internal information from the National Chamber of Commerce in the United States, the United States will reduce more than 600,000 jobs because of the US-Europe trade war. Scotiabank’s report also believes that in the case of radical protectionism, the United States’ economic growth in 2020 will shrink by 0.1 percentage points.
The American Federation of Apparel and Footwear Industry said that retaliatory measures by various countries may harm the interests of US farmers and textile manufacturers and increase the cost of the supply chain of the apparel footwear industry. The president of the federation, Rick Helfenbine, said that President Trump is obsessed with tariffs. He believes that he can freely swing the tariff bar, but using this method will have serious consequences. Congress must now step in to end this dangerous obsession.
Ford Motor Company said it hopes that the United States and other governments will work together to resolve the problems through negotiations.
The US semiconductor industry believes that Trump's trade war will damage US companies and weaken US competitiveness. Many semiconductor industry companies are deeply disgusted with the involvement of trade wars, and they believe that the impact of trade wars will affect chip makers involved in complex supply chains. Some US companies are therefore subject to tariffs on products they produce. The Information Technology Industry Association believes that tariffs may increase consumer costs for products such as computers and mobile phones.
Kentucky House of Representatives James Comer supported Trump's taxation, but worried that the state's agriculture would be severely hit. The chairman of the House Ways and Means Committee, Kevin Brady, believes that the addition of tariffs will seriously affect the “Made in the USA†export to the world, and many industries will suffer “destructive retaliationâ€, especially agricultural products and chemicals.
Industry associations such as the American Chamber of Commerce, the National Retail Federation, the National Association of Manufacturers, and the American Soybean Association all issued statements stating the use of tariffs as a means of solving economic and trade problems.
Wall Street analysts and economists pointed out that if trade disputes lead to a slowdown in US economic growth, the US job market will be affected, American family property will suffer losses; trade disputes will also offset last December tax cuts to the United States The economic growth that comes. They believe that if trade disputes intensify and global trade wars break out, it may put the laborer's portfolio and employment opportunities at risk. The big risk is whether President Trump’s first round of blows in the tariff conflict will trigger counter-attacks from other economies, leading to conflicts of control and damage to investors and corporate executives’ confidence in the economy and the market.
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