Leaders from around the world have expressed strong disapproval of the United States' imposition of tariffs on imported goods, arguing that these measures severely infringe upon the legitimate rights and interests of their countries, while also breaching the rules of the World Trade Organization (WTO).
The U.S.'s radical new trade policy, which includes a 10-percent "minimum baseline tariff" and additional "reciprocal tariffs" on over 60 economies with trade surpluses against the United States, is widely seen as adding instability and insecurity to the global economy.
Spanish Prime Minister Pedro Sanchez said on Tuesday that the U.S. is causing significant global harm by waging a trade war. He also warned that the trade war would lead to economic recession in the U.S. and trigger further inflation.
On the same day, French President Emmanuel Macron reiterated his opposition to the U.S. tariff hikes, describing the move as "a bad idea." He also emphasized that France would protect its economy and take actions in response.
Brazilian President Luiz Inacio Lula da Silva also spoke out on Tuesday against the U.S. tariffs, saying that the U.S. attempt to reshape global trade "won't work" and violates the principles of multilateralism.
Secretary-General of the Association of Southeast Asian Nations (ASEAN) Kao Kim Hourn said on Wednesday that the U.S. tariff policy has caused a shock to the global trading system and had undermined the foundations of open trade and investment.
On Tuesday, Indonesian Finance Minister Sri Mulyani Indrawati said that the U.S. tariff policy defies established economic principles, calling the measures "purely transactional" and lacking economic justification.
The Canadian Department of Finance announced on Tuesday that a reciprocal 25 percent tariff on U.S. automobiles would take effect at 12:01 a.m. Eastern Time on Wednesday. Canadian Finance Minister Francois-Philippe Champagne said that Canada will continue to respond forcefully to all unwarranted and unreasonable tariffs imposed by the U.S.
Media commentators and economists in the U.S. have also warned of a serious blowback on the economy from the government's aggressive tariff measures.
Former U.S. Treasury Secretary Lawrence Summers said in an interview with Bloomberg TV on Tuesday that the United States is likely heading into a recession, with the possibility of two million Americans losing their jobs, as a result of the ongoing tariff increases.
Also on Tuesday, the three major stock indices on Wall Street fell with the S and P 500 nearing technical bear market territory.
World leaders condemn U.S. tariff hikes
