Global Economists Condemn Trump’s Tariffs, Warning of Recession and Disruptions

Economists around the world are raising alarms about the potential consequences of President Donald Trump’s sweeping tariffs, which have escalated into a trade war with severe global repercussions. Experts argue that these policies are likely to trigger a global recession, with both developed and developing nations facing substantial economic losses. Li Daokui, a prominent Chinese economist, criticized Trump’s tariffs as a failed economic strategy that will harm the U.S. and global economy, while offering China an opportunity to lead in global trade negotiations.

Thomas Piketty, a French economist, echoed concerns, attributing Trump’s protectionist policies to the failure of the Reagan-era economic liberalization. Piketty suggests that the shift away from globalization is a reaction to the perceived failures of economic policies that did not benefit the middle class. He warned that Trump’s trade measures would exacerbate inflation and inequality, urging Europe to prepare for a looming global recession with increased investments in infrastructure and public services.

Nobel laureate Paul Krugman expressed harsh criticism of Trump’s approach, calling it “malignant stupidity” and accusing the administration of undermining decades of global trade progress. Krugman described the tariffs as a display of dominance rather than a means to achieve economic objectives, adding that such erratic policies undermine trust in the U.S. government and its international commitments. He also emphasized the dire risks posed to the world economy by this reckless approach.

Further highlighting the broader impact, economists from various regions pointed out the devastating effects on poorer nations. Nasser Saidi, former economy minister of Lebanon, warned that Trump’s tariffs could disrupt trade relations in the Middle East and other emerging economies. Meanwhile, economists from Africa noted that while the continent would suffer from the global downturn, the most significant impacts would be felt by major global powers, which are less insulated from the fallout of the trade war.