Proposed Tariff System Not Going To Work, Says Former US Assistant Commerce Secy Vickery
The proposed tariff system is not going to work. It increases the chance of trade war. It will make countries start looking inward, with each country looking to take care of themselves, said Former US Assistant Secretary of Commerce for Trade Development Ray Vickery.
US President Donald Trump levied 10% basic tariff on all exports to the US, and additional tariffs on around 60 countries. Top trading partners China, Europe, and Vietnam are also facing high tariffs, which threatens the basic structure of the global trade system.
European Union has vowed to retaliate against Trump's sweeping tariff policies. US has imposed 20% tariff on EU imports.
China, which is now facing overall 54% tariff, has already asked the US to take back its 'unilateral tariff' measures. Otherwise, the country will impose appropriate counter measures to safeguard its own interest. The Chinese Commerce Ministry's official statement said on Thursday morning.
Former US Assistant Secretary of Commerce for Trade Development Ray Vickery. (Photo source: Center For Strategic & International Studies)
There have to be negotiations, which are going on with India already. In case some country manages to strike a deal, like free trade agreement, they will be able to avoid the repercussion of tariffs, Vickery said.
India is in the process of carving out a bilateral trade agreement with the US, which is expected to finalise by September or October 2025. The latest development in the talks between the US and India is that both countries are focusing on sector-specific talks.
"I might say from a domestic perspective, he doesn't even believe in checks and balances of our own constitutions," said Vickery. The way the US constitution is written, there should be a check from the judicial branch. Trump is trying to circumvent the entire system. It remains to be seen whether or not the Supreme Court will stand up on trade, immigration, and on very wide range of issues, he added.
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