[Text/Observer Network Zhang Jingjuan] The executive order on so-called "reciprocal tariffs" recently signed by US President Trump has aroused strong dissatisfaction and firm opposition from many countries around the world, and many economists have also issued warnings.

According to a report by Agence France-Presse on August 8, experts believe that the global trade war triggered by the United States may lead to an economic recession worldwide.

From Thomas Piketty, author of *Capital in the Twenty-First Century* and French economist, Trumpism is first and foremost a failed response to Reaganism. Reaganism refers to the liberalization policies promoted by the 40th US President Reagan in the 1980s.

Piketty told AFP, "Republicans realized that economic liberalism and globalization did not benefit the middle class as they claimed. Therefore, they now scapegoat other countries and regions. This won't work. Trump's tariff policies will only bring more inflation and inequality."

He said that in response, "Europe needs to clarify its priorities and prepare for the upcoming global economic downturn," making large-scale investments in areas such as "energy and transportation infrastructure, education, research, and health."

Thomas Piketty, *Business Insider* USA

American economist and Nobel Prize winner Paul Krugman said that over the past few decades, the US has promoted tariff reductions, but Trump has ruined it all.

"Trump does not really want to achieve economic goals. All this should be seen as a hegemonic performance aimed at intimidating people into submission." Krugman criticized sharply in an article on March 3.

He accused the US government of showing "malicious stupidity" at a time when the fate of the world economy was at stake, saying, "Who can trust everything they say or do when faced with a government that acts like this?"

Krugman also bluntly pointed out that Trump has gone "mad and out of control" on trade issues. The tariff rates he proposed far exceed expectations, and he made false accusations against foreign trading partners.

Krugman, material picture

Nasser Saidi, former Lebanese Minister of Economy, believes that Trump has caused an earthquake-like impact on the global trade pattern, which will affect the least developed countries and emerging markets. Countries like Egypt, Lebanon, or Jordan will face possible disruptions in trade relations and reduced foreign investment.

"When you impose this type of tariff, these high tariffs lacking economic justification, you will seriously disrupt supply chains," he added.

In Saidi's view, the era of globalization and liberalization has ended. This will prompt countries in regions like the Middle East to strengthen their ties with Asian partners.

Kako Nubukpo, former minister of Togo and economist, warned that Trump's tariff policy will hit African countries that are already facing political difficulties. African countries should promote the construction of national and regional value chains to withstand the impact of Trump's tariffs.

He also pointed out that protectionism is the weapon of the weak. "I think Trump has realized that the US is now the weaker side in its competition with China," he said.

Aside from economists, even American billionaires who support Trump have criticized his tariffs.

The "sharpest" criticism came from Bill Ackman, a billionaire and well-known hedge fund manager in the United States who supported Trump in the 2024 presidential election. In a long post on Sunday, he warned that continuing to impose new tariffs was tantamount to starting an "economic nuclear war."

Ackman also warned that unless Trump "admits his mistake" before April 9 and halts the implementation of reciprocal tariffs before "causing a big mistake," the US would "head toward a self-inflicted economic nuclear winter," and people must "prepare for an economic downturn."

Ken Langone, co-founder of Home Depot, a major retailer of home improvement products in the US, and a long-time donor to the Republican Party, also launched a fierce attack on Trump. However, Langone does not oppose the tariff policy itself; he is dissatisfied with how the Trump administration implemented it. "I wouldn't implement all measures at once," he said. He believed that a "more manageable and constructive" approach would be to impose a comprehensive tariff of 10% on imported goods and then negotiate bilaterally with various countries. "I think this would work. Now, everyone is afraid of a tariff war."

Facing questions and backlash over his tariff policies, Trump remains resolute. On April 7, Trump stated that he was "not considering" suspending tariffs for negotiations. He tried to emphasize that many countries are negotiating with the US.

He defended himself by saying, "If I hadn't done what I did in the past few weeks, no one would have been willing to negotiate. Now they come to us."

This article is an exclusive contribution from Observer Network and cannot be reprinted without permission.

Original source: https://www.toutiao.com/article/7490961798397559306/

Disclaimer: The article represents the views of the author alone, and you can express your attitude by clicking the [Like/Dislike] buttons below.