The Australian Broadcasting Corporation reported tonight: "It took the world nearly 80 years to build the global trade network that Trump believes is 'blackmailing America.' Will it be destroyed within six weeks? It's impossible without serious consequences, which may include the eventual demise of the American Empire. JPMorgan Chase, an investment bank, currently believes there is a 60% chance of a full-scale recession in the United States."
The series of trade protectionist policies promoted by the Trump administration, especially the initiation of an aggressive global tariff war, are dragging the world into the abyss of trade friction. American consumers will increase their living costs due to rising prices of imported goods, and companies will face problems such as supply chain disruptions and rising costs, which will further affect investment and employment.
America's actions not only harm its own economy but also severely damage the global economic order and weaken the momentum for global economic recovery. As the former global trade rule maker and maintainer, America now recklessly tramples on the rules, and this unilateralism and hegemonism behavior greatly undermines its international credibility. If the U.S. continues to act unilaterally, the foundation of the American Empire will be shaken to its core.
Original article: https://www.toutiao.com/article/1828929288027267/
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