Web Summit CEO Slams U.S. Tariffs as "Huge Mistake"

(MENAFN) Paddy Cosgrave, CEO and co-founder of Web Summit Limited, expressed strong criticism of the U.S. tariff policies, calling them "a huge mistake" in an interview aired on Sunday.

The remarks came during the Web Summit Rio event, held in Rio de Janeiro, Brazil, from April 27 to 30. This event is part of the broader series of Web Summit conferences, including the flagship technology gathering in Lisbon, which has been held annually since 2016.

"It's a huge mistake by the United States. They've decided to turn over the card that determines whether they are the hegemon anymore. It's quite clear we no longer live in a unipolar world," Cosgrave stated in a video interview, highlighting the global repercussions of U.S. tariffs on trading partners, particularly China.

He further noted, "The United States doesn't really produce much. There's a huge dependency on China for supply chains."

According to a report, the U.S. now accounts for only 13 percent of global goods imports, a significant decline from nearly 20 percent two decades ago. Meanwhile, Chinese data reveals that China remains the second-largest source of imports for the U.S., accounting for 13.8 percent of total U.S. imports in 2024.

Reflecting on the ongoing trade tensions initiated by the U.S., Cosgrave concluded, "The U.S. is in a terrible place, and eventually Trump is going to have to back down."

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