menu_open Columnists
We use cookies to provide some features and experiences in QOSHE

More information  .  Close

World economy: Trump’s tariff policy puts unity to test / Don’t let rules that underpinned prosperity collapse

16 22
11.01.2025

Editorial

14:37 JST, January 8, 2025

The return to power of U.S. President-elect Donald Trump, who advocates an “America First” policy, is likely to pose a serious challenge to international economic rules that supported prosperity after the end of World War II.

Major countries must unite to deal with the tariff policies that Trump will wield.

The question is whether these countries will be able to overcome the high inflation that can be described as an aftereffect of the COVID-19 pandemic and shift their economies to stable growth. Their ability to respond to risks will be tested.

The year 2025 opened with the approaching footsteps of protectionism. U.S. President Joe Biden, on his way out of office, issued an order banning Nippon Steel Corp.’s planned acquisition of U.S. Steel Corp., a disturbing move that threatens the stable growth of the global economy.

This is because Biden’s decision can be seen as proof of not only Trump, but also the U.S. public, strengthening their inward-looking mindset.

The outlook for the global economy this year itself has given businesses a positive attitude. A path to victory in the battle against historically high prices is beginning to come into sight.

Last year, central banks of major developed countries and regions managed to shift their policies to cutting interest rates while avoiding a serious economic downturn.

The Organization for Economic Cooperation and Development........

© The Japan News


Get it on Google Play