The consequences of the unilateral customs duties imposed by President Donald Trump still cast a shadow over the world, on the impact of a global trade war, especially after American customs employees began yesterday, Saturday, to collect fees by 10% on all imports from many countries, where the decision entered into force in the ports, airports and American customs warehouses, while it is scheduled to start imposing higher fees on goods of 57 partners Commercially in the coming days.
Last Wednesday, Trump’s announcement of the customs duties led to the strong international stock markets, as Standard & Poor’s 500 companies lost $ 5 trillion of their market value at the closure of last Friday, a record decrease over two days, while oil and commodity prices declined, while investors resorted to government bonds as a safe haven.
According to the international news agencies, there are a great fear that analysts and experts of financial markets expect, today, suspecting the matter that it amounts to a “bloodbath”, especially since Thursday and the past Friday witnessed huge sale waves that may lead to bad and more bad conditions, which called the CNBC to warn of the exacerbation of inflation, and the endowment of economic growth, and the endowment of economic growth, The 1987 scenario was repeated, unless US President Donald Trump made steps to alleviate the excessive damage in the global financial markets.
President Trump imposed a 10% customs tariff on all imports from 180 countries, and imposed a more striking customs tariff on 6 of the largest commercial partners «the European Union 20% – Mexico 25% – China 54% – Canada 25% – Japan 24% – Vietnam 46%), and this will enter into force tomorrow, Wednesday, on the ninth of April. This is actually the largest tax increase in the United States since 1968, according to the GB Morgan Bank.
Trump’s decision or “Trump” in a more accurate sense, has been accompanied by revenge procedures and rapid reactions from China, which decided to impose a 34% tax on American imports, on expectations of similar measures from Canada and the European Union, and that other countries follow their example in the coming weeks, which means that the stock market may decrease more if the trade war escalated, according to global news agencies.
It was remarkable, the US President’s statements hours ago, when he considered that the American trade war on commercial partners would bear fruit in the United States, but “this will not be easy”, calling for “steadfastness”, after a Chinese response and a significant decline in global financial markets.
“China has received a much more severe blow than the United States has received, we restore jobs and companies as we have not prepared before, it is an economic revolution and we will win, stand up, this will not be easy, but the final result will be historical.”
“This is the largest monolithic business in our lives,” said Kelly Ann Show, a commercial lawyer at the Hogan Luvils Foundation and former White House commercial advisor during Trump’s first state.
She added during an event for the Brookings Foundation that she “expects customs duties to develop over time, as countries seek to negotiate lower rates.”
“But this is a tremendous matter, it is a fundamental and important shift in the way we deal with each country on the face of the earth.” On the other hand, the President of the European Commission, Ursula von der Line, announced that the European Union is ready to defend its interests through proportional counter measures, if necessary.
She said, in a statement: “The European Union is committed to engaging in negotiations with the United States on customs duties,” and added: “We are determined to work with partners in the face of this new reality of the global economy,” and she explained that “every commercial partner will act according to its own priorities on customs duties.”
From this standpoint, the world stands on the tips of its fingers, wounding what will be explained by the global trade war that Trump sparked, especially since the global financial markets are exposed to successive losses, and that “the matter will not be easy”, as the American president himself admitted in his recent statements.
