International economy faces tariffs, US trade protection
Date
11/10/2024 12:49:20 AM
(MENAFN) As Leader-elect Donald Trump is projected to gain the sword of protectionism in the future years, specialists are worried of possible trade pressures, especially among the US, Europe, as well as China.
Quoting Trump’s reelection, Ilter Turan, emeritus dean in social sciences, stated it turns out that the plan guaranteed to Americans— “Make America Great gain”—is really about defending the American market from taxes.
It is going to make important adjustments in American trade with several of the adjustments having a negative impact, especially for Europe as well as China, Turan informed a Turkish news agency.
The German Chamber of Commerce and Business’s Leader Peter Adrian stated on Wednesday that Trump’s victory makes trade with the US very challenging and the business community must be ready for defensive trade with Washington.
Markets specialists to see sincere distractions to Germany’s manufactural division with high taxes, fueling doubt for firms operating in Germany and a slowdown in investments in the recent Trump era.
Turan, who is also the director of the executive board of the global Cooperation Platform, stated that "Now we do not yet know what Trump will do, but based on his past experience, we have seen that he sometimes reshapes his statements after consulting with the power centers in the US, so it is difficult to give comments."
Possible surges in taxes on China are projected to inflate economic pressures among both nations and interrupt international trade balances, especially impacting technology and business.
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