After U.S. President Donald Trump announced sweeping new tariffs, experts around the world are expressing deep concern over the potential global impact. Economists warn that these measures could drive up inflation, backfire on the U.S. economy, and incite international panic.
Speaking to media, Peter Baur, an economics professor at the University of Johannesburg in South Africa, highlighted the challenges these tariffs pose to his country’s economy. “This is a huge concern for us, especially for our steel producers, aluminum production, and our motor car exports,” Baur said. “It’s going to have an impact in terms of job creation and our economic growth.”
Baur also pointed out the possible repercussions for the American public. “The U.S. public may face higher inflation and a possible slowdown in economic growth,” he noted. “We’ve already started to see the U.S. dollar depreciating against the euro.”
In addition to tariffs on steel and aluminum, the U.S. announced it would impose “reciprocal tariffs” on imports from Venezuela, including “secondary tariffs” of 25 percent on Venezuelan oil and natural gas. This move has triggered strong opposition from Venezuela and other nations.
Daniel Paez, a Venezuelan expert on oil issues, criticized the new tariffs as a form of sanctions detrimental to international oil trade. “They are most likely trying to build an international strategy of fear or panic,” Paez said. “But such a strategy would not benefit international oil trade under any circumstances.”
The Venezuelan government has issued a stern statement, refusing to acknowledge any extraterritorial jurisdiction and stating that unilateral sanctions hinder the normal development of international energy trade. Paez pointed out that by using restrictive policies to push out international competitors, the U.S. is seeking to gain a market advantage for its domestic companies.
The global community watches closely as these developments unfold, concerned about the potential ripple effects on economies worldwide, especially in developing nations.
