Tariffs imposed by the United States have raised costs for American consumers and squeezed profit margins for producers, ultimately failing to bolster the US economy, according to Professor Sir Anton Muscatelli, principal of the University of Glasgow and co-chair of the IFF Academic Committee.
In a recent interview with CGTN’s Michael Wang, Professor Muscatelli shared his insights on the impact of tariffs on the American economy. “Tariffs have not really helped the US economy,” he stated. “They have increased prices for US consumers and reduced margins for US producers.”
He explained that the tariffs, intended to protect domestic industries, have instead led to higher costs for everyday goods and challenges for businesses. “The tariff war has been a lose-lose situation,” he added. “It hasn’t benefited the US economy, nor has it addressed the trade imbalances it was meant to correct.”
Professor Muscatelli emphasized the importance of international cooperation and open trade policies for economic growth. “Globalization and free trade have lifted millions out of poverty,” he said. “It’s crucial for economies to work together rather than resort to protectionism.”
He also highlighted the impact on global supply chains and the broader implications for international relations. “Trade tensions create uncertainty, which is bad for investment and bad for growth,” he concluded.
