Record US tariffs threaten the global economy

The United States has recorded the highest level of tariffs in recent decades – after the agreement with the EU, the average rate will reach 16%. This is almost six times higher than at the beginning of Donald Trump's presidency, when tariffs were 2.5%. At the moment, their average is estimated at 13.5%. 

The introduction of duties in the United States creates significant risks for the global economy, complicating global trade processes. Global GDP is projected to lose $2 trillion by 2027 compared to the pre-crisis scenario. In the long run, part of the damage will be offset by the restructuring of production chains and the adaptation of markets.

Economists believe that duties actually act as a tax that hinders international trade and negatively affects investment. Daniel Harenberg, a leading economist at Oxford Economics, noted that such a policy hinders development and undermines confidence in the investment environment.

In April, Donald Trump announced the introduction of mirror duties for a number of countries, but their implementation was postponed for negotiations. The deadline for reaching an agreement is set for August 1.