U.S. tariff hikes disrupt global supply, production chains

Cartoon by Tan Xiguang

The current U.S. administration has taken a series of tariff moves since taking office. Lately, it has been erecting a "tariff wall" under various pretexts and frequently altering its tariff policies.

Such arbitrary and unilateral tariff hikes by the U.S. seriously undermine the multilateral trading system, disrupt global production, supply and sales chains, and pose significant risks to global economic growth. Kaushik Basu, the former Chief Economist of the World Bank, said in an article that Trump's tariffs will accelerate America's economic decline and history offers valuable lessons about the dangers of protectionist trade policies.