The recent move by the U.S. to impose hefty tariffs on imports from Mexico, Canada, and China has sent shockwaves through the global trade community, sparking widespread criticism and concern.
South Korea's Trade Minister Cheong In-kyo didn't stay silent, vowing to \"effectively\" respond to what he described as the U.S.'s protectionist trade policies. \"The government and the private sector should unite their capabilities to efficiently and effectively respond to the possible effect on the country under different scenarios,\" Cheong stated, emphasizing the need to mobilize all available resources.
The European Union also weighed in, criticizing the tariffs as disruptive to global trade and harmful to all involved parties. An EU spokesperson highlighted the importance of \"open markets and respect for international trade rules\" for sustainable economic growth. German Vice Chancellor Robert Habeck echoed these sentiments, warning that the U.S.'s actions are \"a very bad alternative\" and signaling Europe's readiness to retaliate.
Mexico and Canada didn't take the U.S. tariffs lightly either. Mexican President Claudia Sheinbaum announced measures to defend Mexico's interests, rejecting allegations of alliances with criminal organizations and calling for collaborative efforts to combat issues like fentanyl trafficking. Meanwhile, Canadian Prime Minister Justin Trudeau announced retaliatory tariffs on American goods, including beer, wine, and household appliances, with plans to apply further tariffs in the coming weeks.
China also voiced strong opposition, stating that there are \"no winners in trade and tariff wars.\" A Chinese foreign ministry spokesperson condemned the U.S. tariffs as violations of WTO rules and emphasized the need for multilateral cooperation to address issues like the fentanyl crisis. Professor Ji Wenhua added that unilateral trade coercion is ineffective and detrimental, warning of potential global trade wars and increased burdens on consumers.
As tensions rise, the global community watches closely to see how these developments will shape international trade and economic relations in the coming months. Stay tuned for more updates on this evolving story!
