In a world already grappling with economic uncertainty, the United States has doubled down on trade protectionism. Since April 2025, the Administration has imposed sweeping new tariffs on imports from nearly all major trade partners. Framed as "reciprocal tariffs," this campaign marks a return to economic unilateralism, protectionism, and trade bullying.
But this is not strategy — it is economic self-harm masquerading as strength. And it comes at the worst possible time.
A dangerous game with inflation
Just as inflation appeared to be cooling, Washington threw fuel back onto the fire. Tariffs on Chinese electric vehicles, South Korean batteries, German industrial equipment, and European medical products were announced in April. The stated aim is "fairness." But the result is clear: higher costs for U.S. businesses and consumers, and renewed supply chain instability.
The Federal Reserve, already navigating a narrow path, kept interest rates steady at 4.25 percent to 4.5 percent in May, reflecting persistent concern about inflationary pressures. With global input costs rising again due to trade restrictions, price stability remains elusive — and households continue to feel the squeeze at the grocery store, gas pump, and rent office.
A blow to U.S. manufacturing
There is bitter irony here. Tariffs promoted as protecting American jobs are in fact weighing down on U.S. industries. New duties on raw materials and components — many from other countries — have driven up costs for domestic manufacturers. Smaller firms, especially, are struggling to absorb the shocks.
In states like Michigan and Ohio, local manufacturers in auto and clean tech sectors report growing uncertainty. Several companies have announced delays in launching new models, citing unpredictability in input prices.
Far from shoring up national resilience, these measures are making domestic industries less agile and more vulnerable. And this is not how a country wins the clean energy race.
Markets don’t lie
Financial markets were quick to respond. Following the April tariff announcements, major indices saw notable drops, and volatility spiked. Analysts cited fears of retaliation from affected countries and broader concerns about global economic fragmentation.
Gold prices rose sharply, surpassing $2,400 an ounce — a clear signal of rising investor anxiety. Bond markets showed signs of stress, and corporate forecasts turned cautious. Several investment firms have since revised their U.S. growth projections downward for the second half of 2025.
When markets speak this loudly, it is unwise to ignore them.
Global consequences
The damage doesn’t stop at America’s borders. These tariffs are distorting trade flows, rerouting production, and undermining global trust. They were enacted outside of multilateral frameworks, with little consultation — a hallmark of trade unilateralism.
Worse, trade nationalism chips away at the cooperation needed to tackle shared global challenges — from climate change to digital governance. In effect, America is choosing to go it alone.
"America First" has returned, and with it, a revived sense of "American Exceptionalism" — the belief that international rules apply to others, but not to Washington.
When pride costs prosperity
The pursuit of reciprocal tariffs may serve a political narrative, but it is an economic illusion. It does not create fairness. It does not foster strength. Instead, it isolates the U.S., weakens its industrial base, unsettles markets, and strains the global economy.
The world deserves better cooperation, and so does the United States.
(The author is an international affairs observer.)
原文地址：http://en.people.cn/n3/2025/0609/c98649-20325221.html