The decision announced this weekend by US President Donald Trump to impose sweeping tariffs on Canada, Mexico and China threatens to disrupt the global trading system and the world economic order that relies on an American economy that promotes free investment and free markets, writes the. “The New York Times“, BTA reported in its press review.
The speed of the imposition and the broad scope of the import duties that Trump imposed with executive orders on Saturday have drawn criticism from many politicians, economists and business groups, who called the US president's actions economic abuse, the publication points out.
Critics have warned that the duties, which were imposed in response to Trump's concerns about fentanyl trafficking and illegal immigration, could lead to a surge in inflation, cripple American industry and turn China into an even more influential center of world trade.
Although Trump has warned for months that he would impose the duties, they turned out to be more extensive than many analysts expected, the “New York Times“ points out.
Economists predict that The Canadian economy will fall into recession, the American move has sparked anger among the general public and political leaders from all parties, as well as a sense that Canada has been betrayed by its closest ally, writes the newspaper. „Washington Post“.
The publication points out that Canadian hockey fans booed the American anthem on Saturday night, and political leaders began to call for a boycott of American goods.
The newspaper quoted Roland Paris, a professor of international relations at the University of Ottawa, as saying that Trump had “activated a latent but powerful nationalism in this country, which made it politically impossible for Canadian leaders to do anything other than oppose him“.
Trump threatened to expand the scope of his trade tariffs, repeating his warning that tough tariffs would also be imposed on the EU - and potentially on Britain, the newspaper wrote. „Guardian“.
The publication points out that the US president has admitted that it is possible that Americans will bear some of the economic burden of the emerging global trade war, and Mexico and Canada have already threatened to impose their own tariffs.
Last night, however, Trump insisted that new tariffs on EU goods "will definitely happen", repeating his previous complaints about the large US trade deficit with the bloc and his desire for Europe to import more American cars and agricultural products, the newspaper notes.
Trump seemed to take a softer stance towards Britain, mentioning his good relationship with Prime Minister Keir Starmer, while also saying that tariffs are still "possible to become a reality", commented „Guardian“.
All this is happening at a time when Starmer will be the first Prime Minister of the United Kingdom after Brexit, who will attend an EU summit as part of the “reset“ of relations, writes the “Telegraph“.
However, opposition leaders have warned the Prime Minister not to bring Britain too close to the EU at the expense of relations with Trump, the publication notes.
“Telegraph“ quotes the leader of “Reform UK“ and Trump friend Nigel Farage, according to whom avoiding US tariffs for the EU could be “a huge potential benefit of Brexit“ - but only if “we play our cards right“.