US Tariffs Spark Global Economic Turmoil

Published on 4.9.25

  The imposition of tariffs by US President Donald Trump has sent shockwaves across the globe, sparking concerns about the potential for economic turmoil. The move has led to a sharp decline in markets, with global stocks plummeting due to the uncertainty surrounding trade. Billionaire entrepreneur Elon Musk and hedge fund manager Bill Ackman have criticized the tariffs, warning of their potential negative impact on the global economy. They predict devastating effects including market crashes, reduced consumer spending, and business closures. The Association of South-east Asian Nations (Asean) is particularly vulnerable to the trade tensions, with export-oriented economies such as Vietnam facing a 46% tariff on exports to the US and Cambodia hit with a 49% duty. Asean governments have chosen not to retaliate against Washington, but their diverse economies risk being hurt if they don't take collective action to diversify markets and partnerships. Malaysia's Prime Minister Datuk Seri Anwar Ibrahim has vowed to protect his country's economic interests, stating that officials will be dispatched to Washington to initiate dialogue. Asean's chief, Kao Kim Hourn, has urged the bloc to act boldly to accelerate regional economic integration as US tariffs leave much of the world in a devastating trade war. US trade talks with India are progressing faster than those with Europe, according to Indian Foreign Minister Jaishankar, who attributed this to Trump's reciprocal tariffs coming into force and China being slapped with a 104% levy.

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