Trump’s 10% Tax on Imports: A Recipe for Trade War and Global Market Slowdown – Economist
Economist warns that Trump’s new trade policy could spark a global economic slowdown, trigger retaliatory tariffs, and reshape international trade dynamics.
- High tariffs could lead to retaliatory measures from major economies like China and the EU
- Trump aims to boost U.S. manufacturing by discouraging imports.
- Economist warns of disruptions in trade, increased costs, and economic uncertainty
An Economist, Dr. Emmanuel Botchwey, has reacted to U.S. President Donald Trump’s announcement of a 10% tax on imports from all countries, including Ghana.
Trump justified the tariff by citing a national economic emergency, arguing that the U.S. has been “looted” by other nations for decades.
The policy aims to boost domestic manufacturing and address trade imbalances but poses a significant risk of disrupting the global economy and triggering retaliatory measures from other nations.
Speaking on the Ghana Se Sen Show with Kwame Tanko on Lawson TV/Radio, Dr. Botchwey noted that the U.S. remains the world’s largest economy, with a GDP of $30.3 trillion as of 2025, followed by China at $19 trillion.
He explained that Trump has observed that many goods sold in the U.S. are imported, while locally made products are often overlooked by both citizens and foreigners. The tariff, he argued, is designed to encourage Americans to buy U.S.-made goods.
However, Dr. Botchwey pointed out that Trump’s decision violates key principles of the global market, which operates under specific trade conditions.
He warned that the move could spark a trade war, as high tariffs on imports from Europe and China may push other nations to implement similar protectionist policies.
He further cautioned that this decision could lead to economic uncertainty, a shift in trade dynamics, and a slowdown in global economic growth.
Dr. Botchwey expressed hope that Trump will reconsider and reduce the tariff to prevent severe market disruptions and international retaliation.
Despite his concerns, Dr. Botchwey acknowledged that Trump’s strategy is bold and urged Ghanaian leaders to learn from his approach in prioritizing local production and self-sufficiency.
