President-elect Donald Trump braces to tackle increasing trade protectionism
Date
11/10/2024 7:04:48 AM
(MENAFN) As President-elect Donald trump prepares to assume office, there are growing concerns about the rise of protectionism, especially regarding trade relations between the United States, Europe, and China. Experts, including Ilter Turan, an emeritus professor of social sciences, have pointed out that Trump's "Make America Great Again" campaign slogan may primarily reflect an approach centered on protecting the U.S. market through the use of tariffs. This protectionist stance is expected to bring significant changes to U.S. trade policies, potentially disrupting existing trade relationships, particularly with major global players such as Europe and China.
Turan suggests that these shifts will likely have negative repercussions, especially for Europe and China, where the imposition of higher tariffs could strain economic relations. This view is echoed by Peter Adrian, President of the German Chamber of Commerce and Industry, who remarked that Trump's reelection would make trade with the U.S. more difficult, urging businesses to prepare for a more protectionist approach from Washington. Adrian expressed concerns that the German industrial sector might face significant disruptions, including a slowdown in investments and increased costs due to higher tariffs.
Markets are bracing for the impact of these potential trade disruptions, especially in sectors heavily reliant on international trade, such as manufacturing and technology. With tariffs potentially increasing on Chinese goods, the economic tension between the U.S. and China is expected to escalate further. This could lead to disruptions in global trade balances, affecting supply chains and international cooperation, particularly in technology and manufacturing industries where both countries are key players.
While the specifics of Trump’s trade policy remain uncertain, Turan notes that the President-elect has a history of reshaping his statements after consulting with U.S. power centers, making it difficult to predict exactly how his protectionist policies will unfold. Nevertheless, the global business community is preparing for potential challenges as trade dynamics between the U.S., Europe, and China enter a new era of uncertainty, with tariffs and other protectionist measures likely to dominate discussions in the coming years.
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