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The United States’ current tariff policies are placing global businesses and economic development in a tough spot, according to Mark Greeven, Dean of Asia at the International Institute for Management Development (IMD). Speaking on the impact of unilateral tariffs, Greeven emphasized that such measures have rarely yielded positive results in the past.
“Tariffs have seldom had a beneficial effect,” Greeven noted. “The current US unilateral tariff policy is putting global companies and economic development in a difficult situation.”
He predicted that in the short term, these tariffs will hinder the business environment and slow down economic growth. This could lead to challenges for companies operating internationally, affecting everything from supply chains to market dynamics.
For young entrepreneurs and businesses in the Global South, this development is particularly significant. Many emerging markets rely on open trade policies to foster growth and innovation. The implementation of new tariffs could disrupt these markets, making it harder for young people to access global opportunities.
As the global economy becomes increasingly interconnected, policies in one country can have ripple effects worldwide. Greeven’s insights serve as a reminder of the importance of considering the broader impact of economic decisions.
