The United States' "reciprocal tariff" policy may trigger disruptions to global industrial and supply chains, said industry associations, adding that such actions will harm the interests of businesses and consumers — including in the U.S. itself.
Hildegard Muller, president of the German Association of the Automotive Industry, said that the new U.S. tariffs represent Washington's departure from a rules-based global trading order, and thus a departure from the foundation for global values creation and corresponding growth and prosperity in many regions of the world.
"This is not America first, this is America alone," Muller said in a written statement.
She said consumers in the U.S. will be particularly affected, as they will directly feel the effects of the additional tariffs through rising inflation and reduced product selection.
The China Association of Automobile Manufacturers expressed similar concerns. The association said that the U.S. move severely violates WTO rules, disrupts trade order, and significantly impacts the stability of the global automotive industry supply chain. The association said that this move will further raise auto prices, burdening consumers in countries including the U.S., and negatively affecting global economic recovery.
The China Chamber of Commerce for Import and Export of Machinery and Electronic Products asserted that this unilateral and protectionist trading behavior not only violates international trade rules, but also disrupts the global economic and trade order, harming the interests of businesses and consumers and destabilizing global supply chains. The China Chamber of Commerce of Import and Export of Foodstuffs, Native Produce and Animal By-Products said it firmly supports all countermeasures taken by the Chinese government, adding that Washington's actions will not only fail to bring economic benefits to itself, but will also have a serious negative impact on global industrial and supply chains.
The China Chamber of Commerce for Import and Export of Medicines and Health Products said that the U.S. actions will significantly affect the stability of pharmaceutical industry chains, particularly impacting medical coverage for low and middle-income groups.
The statements followed U.S. President Donald Trump signing an executive order on the so-called "reciprocal tariffs" last week, imposing a 10-percent minimum baseline tariff and higher rates on certain trading partners.
On Friday, China announced a series of countermeasures, including ones starting from April 10, with a 34 percent tariff to be imposed on all imported goods originating from the U.S.. Moreover, export controls will be strengthened on certain rare earth-related items, among many others.
"The imposition of reciprocal tariffs by the U.S. is more of a negotiating strategy to gain more benefit from global trade. While the move may negatively impact China's automotive exports to the U.S., it could open up opportunities in other regions. China should focus on protecting core technologies and expanding its presence in markets outside the U.S.," said Cui Dongshu, secretary-general of the China Passenger Car Association.
BloombergNEF solar analyst Tan Youru predicts a shift in the global photovoltaic supply chain due to trade restrictions, leading to a more diverse and decentralized market.
"Even considering generous U.S. subsidies for local manufacturing and trade protection measures, establishing upstream silicon wafer and polycrystalline silicon manufacturing in the U.S. is still quite challenging," he said.
liuyukun@chinadaily.com.cn
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