The US Trade Representative Gleiser said that the "reciprocal tariff" will take effect on the 9th. So far, many countries have introduced countermeasures against the "reciprocal tariff". Former Singaporean Foreign Minister Yeo Cheow Wen told the Beijing Daily client that the US will face retaliation from major economies because everyone "does not want to be bullied".
"Trump's negotiation style is aggressive and eye-catching. He bullies the weak. But what he ultimately wants is a deal." In Yeo Cheow Wen's view, Trump mainly focuses on domestic issues in the United States. If he cannot improve the US economy and implement significant reforms, Trump may lose in the midterm elections in November 2026 and become a "lame duck". He anticipates a poor market reaction, but he cannot afford the consequences of prolonged market downturns.
The "reciprocal tariff" is considered very similar to the Smoot-Hawley Tariff Act of Hoover's government in 1930, which directly led to the Great Depression. Yeo Cheow Wen said that Trump does not want a great depression, which would be a disaster for him. Trump wants to make America more competitive while not losing America's global dominance. China also does not want a great depression. He judged that under the crisis, the US will have no choice but to engage in dialogue and cooperation with China.
The US tax targets cover over 180 countries and regions around the world. Canada announced its reciprocal countermeasures against US auto tariffs on the 8th. The EU will implement the first round of countermeasures against the US starting on the 15th. Yeo Cheow Wen said that small countries find it difficult to retaliate against the US, but China, the EU, India, and other major economies will implement countermeasures. "They do not want to escalate the trade war, but they also do not want to be bullied."
This former foreign minister said that other countries should open their markets to each other to cope with US tariffs. He expressed high hopes for China: "China's role in maintaining the openness and norms of the global trading system is crucial. China should work together with major economies including the EU to achieve this goal. Given China's market size, you have no choice but to take the lead. And this is completely in line with China's interests."
Source: Beijing Daily Client
Reporter: Bai Bo
Original article: https://www.toutiao.com/article/7491133950452023808/
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