President Trump’s recent tariff announcements on imports from Mexico, Canada, and the Chinese mainland have sent shockwaves through global markets, eliciting strong reactions and raising concerns about a potential trade war.
South Korea Stands Firm
South Korea's Trade Minister Cheong In-kyo vowed on Monday to \"effectively\" respond to the U.S.'s protectionist trade policies, which could impact the country's exports and companies.
\"As the new U.S. administration is swiftly announcing a set of executive orders under the 'America First' policy and actively utilizing tariffs, 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 in the Korea Times, pledging to mobilize \"all available resources.\"
EU Criticizes Trump's Tariffs
The European Commission expressed strong disapproval of the U.S.'s new tariffs, highlighting their disruptive impact on global trade and economic growth.
\"The European Union (EU) regrets the U.S. decision to impose tariffs on Canada, Mexico, and China,\" an EU spokesperson commented.
German Vice Chancellor and Minister of Economics Robert Habeck echoed these sentiments, warning that the U.S.'s move is \"a very bad alternative,\" and assured that Europe would retaliate.
Mexico and Canada Push Back
Mexican President Claudia Sheinbaum instructed the Secretariat of Economy to implement measures defending Mexico's interests, rejecting the U.S.'s allegations of alliances with criminal organizations.
Meanwhile, Canadian Prime Minister Justin Trudeau announced retaliatory tariffs on U.S. imports, starting with a 25-percent tariff on $21 billion worth of American goods, including beer, wine, and spirits, as of Tuesday. Trudeau also mentioned potential further actions targeting critical minerals and energy products.
China Warns Against Trade Wars
The Chinese mainland's foreign ministry spokesperson condemned the U.S.'s decision to impose a 10-percent tariff on its imports, asserting that no one wins in a trade and tariff war.
\"China's position is firm and consistent. There is no winner in trade and tariff wars,\" the spokesperson stated, emphasizing adherence to WTO rules.
Expert Insights
Ji Wenhua, a professor at the University of International Business and Economics' School of Law, warned that the U.S.'s unilateral trade measures could escalate into a global trade war, ultimately harming American consumers and the competitiveness of U.S. companies.
As the situation unfolds, global stakeholders watch closely, aware that the outcomes will shape international trade dynamics for years to come.
