The United States' abuse of tariffs has drawn oppositions from European countries.
In a commentary published on Belgian Economic and Financial daily newspaper L'Echo, the media outlets' deputy editor-in-chief Serge Quoidbach blasted that the U.S.'s so-called "reciprocal tariffs" are causing a global crisis and posing a risk of deconstruction to the international rule-based system.
The commentary said as the rationale of U.S. government's tariff policy is to reshape trade through violent means, this has wiped out the current international trade rules.
The United States is dragging those least developed countries into an "absurd tariff war", and these most vulnerable groups will become the biggest victims, Quoidbach emphasized.
In addition, wild fluctuations in the U.S. stock market have caused damage to a large number of American citizens who hold stocks; and the country's bond market has also been hit hard, as the soaring trend of U.S. bond yields not only endangers the real economy, but also reflects the severe panic state of the U.S. financial sector, according to the commentary.
A report released by German Economic Institute (IW) on Thursday analyzed the potential fallout from the "reciprocal tariffs" announced by U.S. President Donald Trump on April 2, which would impose an additional 20 percent duty on imports from the European Union (EU).
According to the IW, Germany's direct losses from these measures could reach 200 billion euros, or 1.2 percent of its GDP annually by 2028. With retaliatory responses factored in, total damage may rise to 290 billion euros.
The EU as a whole could face cumulative losses of up to 1.1 trillion euros by 2028, the report estimated.
The report also said that the so-called "reciprocal tariffs" of the United States have brought the risk of a global trade war and posed a serious threat to the global investment environment, which not only violates the relevant rules of the World Trade Organization, but also lacks scientific basis in its calculation methods.
It called on the European Union to take forceful countermeasures against the United States.
US tariffs abuse draws criticisms from Europe
US tariffs abuse draws criticisms from Europe
