United Nations Secretary -General Antonio Guterres has warned that the country will “lose” when the country comes into trade wars against the backdrop of tariff wars.
“I think we live in a global economy. Everything is interconnected. And of course, one of the great benefits of free trade situation is to create conditions for profit for all countries. When we enter a business war, I believe that all will lose,” Guteres said here on Wednesday.
He was answering a question on the growing global trade war. US President Donald Trump said in his second term at the White House that the US will impose mutual tariffs on nations that charge high levy on American goods.
The global tariff of Trump administration on steel and aluminum has come into effect, inspiring the European Union (EU) and Canada to announce levy on American products. The administration has also announced tariffs on imports from Canada, Mexico and China. In an anti -counterfeit action, these countries have also announced tariffs on goods imported from the United States.
Trump has said that the US “is going to take hundreds of billions of dollars in the tariff”, and “We are going to be so rich, you are not knowing where to spend all the money. I am telling you, you just see. We are going to work. We are going to do the job. We are going to have open factories. It’s going to be very good”.
Trump has repeatedly invited India for high tariffs which imposes on American products. Last week, he criticized the high tariffs imposed by India and other countries, called them “very inappropriate”, and announced that mutual tariffs would kick in the next month that would kick the levy on American goods. Trump has said that America has “burst” by almost every country on Earth for decades, and “we will not let this happen”.
“If you do not make your product in the US, however, under the Trump Administration, you will pay a tariff and in some cases, one big one. Other countries have used tariffs against us for decades and now, it is our turn to start using them against those other countries. On average, European Union, China, Brazil, India, Mexico and Canada …. and other nations said other nations.
The US President said, “This is very unfair. India charges our auto tariffs more than 100 percent. China’s average tariff on our products is twice that we charge on them. And South Korea’s average tariff is four times more …. It is being done by friend and enemy,” the US President said.
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