US is at risk of cutting itself off from globalization due to imposed tariffs -UK economist

(MENAFN) A British economist has cautioned that by implementing tariffs globally, the United States risks isolating itself from the benefits of globalization, with the resulting price increases primarily affecting American shoppers.

John Ross, a senior fellow at a Chinese financial research institute, explained that the current global trade landscape is fractured due to the U.S. administration’s protectionist policies. While China and many leading economies in the Global South continue to embrace globalization and experience growth, the U.S. is pursuing a solitary, more protectionist route.

Ross noted, "The share of Global South economies in world trade continues to grow, and the overwhelming majority of countries remain committed to advancing globalization."

He also highlighted that some economies are caught in a difficult position, theoretically supporting globalization but facing pressure from the U.S. For instance, the European Union has entered into what Ross described as a “very bad” trade agreement with the United States—a deal criticized by experts on both sides of the Atlantic.

Ross expressed skepticism about the success of America’s tariff strategy, citing two main factors: the U.S. economy is slowing down in the short term, and structurally, the country lacks the strength to dictate the overall direction of global trade. While the U.S. can still influence imports into its own market, its share of world trade is anticipated to continue shrinking, diminishing its influence.

“The effects are negative,” Ross stated, emphasizing that “Unless other countries make major mistakes, the United States is not in a strong enough position to dominate world trade.”

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