The fresh tariffs imposed by the United States on a slew of countries harm others as well as the U.S. itself, according to international observers.
U.S. President Donald Trump on Wednesday signed an executive order on so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners.
University of Johannesburg Professor Peter Baur said that the new U.S. tariff policy poses a huge challenge to South Africa's economy and also has negative impacts on the U.S. public and economy.
"This is a huge concern for us, especially for our steel producers, aluminum production and our motor car exports. This is going to impact of course on terms of job creation. It's going to impact on our economic growth. We're looking at the American people. We're probably experiencing higher-level rates of inflation. We're going to see possibly a slowdown of their own economy. We can already see the impact of the American dollar. We are seeing a depreciation of the dollar against the euro," he said.
On Wednesday, the U.S. government announced the imposition of "reciprocal tariffs" on goods imported from Venezuela, and a 25-percent secondary tariff on any nation that purchases oil or gas from Venezuela.
This move has sparked outcry from several countries, including Mexico and Venezuela, and has also raised doubts within the U.S.
Venezuelan experts said that the so-called "secondary tariff" is a new form of U.S. sanctions, which is detrimental to the development of international oil trade.
"They are most likely trying to build an international strategy of fear or panic. But such a strategy, in fact, would not benefit international oil trade under any circumstances," said Daniel Paez, a Venezuelan expert on oil issues.
Recently, the U.S. also revoked the licenses of several foreign companies operating in Venezuela.
Experts point out that by using restrictive policies to push out international competitors, the U.S. is essentially seeking to gain market advantage for its domestic companies.
The Venezuelan government has issued a stern statement, refusing to acknowledge any extraterritorial jurisdiction, and stated that the U.S. unilateral sanctions seriously hinder the normal development of international energy trade.
Fresh US tariffs harm others without benefiting itself: observers
Fresh US tariffs harm others without benefiting itself: observers
