Succumb to pressure or unite to stop U.S. protectionism

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Asian stock markets plunged on Monday, as they continued to bear the global fallout from the United States' unilateral trade war. U.S. futures also performed poorly, falling sharply due to the uncertain global economic outlook.

While the Trump administration tried hard to play down the impact of tariffs and the potential for recession, markets are saying just the opposite. The U.S.'s unilateral actions send global markets into panic selling and a possible bear market. This proves that no country is immune to the risk of the U.S.'s unilateral tariff hikes. It also shows how dangerous it is for the world's superpower to go it alone and do whatever it likes.

The U.S. unilateral tariffs sparked global outcry on day one, with allies and opponents expressing concern. "Let's be clear-eyed about the immense consequences. The global economy will massively suffer. Uncertainty will spiral and trigger the rise of further protectionism," said Ursula von der Leyen, president of the European Commission, one day after Trump's announcement.

The issue is how the world can respond to the U.S.'s unilateralism and hegemony. One might argue that the only way is for countries to unite, take unified action and choose multilateralism to oppose unilateralism. During a recent meeting, French President Emmanuel Macron called for unity among European countries while criticizing the Trump administration's tariffs as "brutal and unfounded."

According to the latest CGTN global survey, 87.7 percent of respondents believe that no country is immune to U.S. bullying and that all countries should unite against U.S. hegemonic behavior.

China was among the first major economies to take action, slashing an additional 34 percent tariffs on U.S. goods. In the CGTN survey, 86.9 percent of respondents believe that it is a just act for countries to defend their interests by adopting countermeasures against the U.S. tariffs, and 89.2 percent of respondents called for more countries to take proactive action.

Is there a way to stop the Trump administration? Well, negotiation is one option. However, the U.S. does not seem ready to negotiate. Vietnam offered to lower its tariffs on U.S. imports to zero, but Peter Navarro, Trump's counselor, dismissed the offer, saying, "This is not a negotiation. This national emergency is based on a trade deficit that's gotten out of control because of cheating." That means the U.S. would demand more even if a country surrenders under U.S. pressure.

Trump also said during his golfing break that the U.S. will not make a deal with China unless the trade surplus issue is solved, though he said the U.S. is willing to talk. On the other hand, China's Xinhua News Agency responded that the U.S. abuses tariffs "severely violates World Trade Organization rules, severely harms the rules-based multilateral trading system and severely disrupts the stability of the global economic order."

Even the EU, a major ally of the U.S., pledged to defend its development interests. EU top official Von der Leyen said the EU is "preparing for further countermeasures to protect our interests and our businesses, if negotiations fail."

Domestically, the Trump administration's economic trade policies are also faced with growing dissatisfaction and opposition. In a latest Wall Street Journal poll, 54 percent of respondents were against the U.S.'s new tariffs, 12 percentage points higher than those who support tariffs. Another recent survey by Associated Press and National Opinion Research Center at the University of Chicago showed that about 60 percent of respondents disagreed with the Trump administration's handling of tariffs and trade negotiations.

Politically, Trump is playing a big gamble, but one he cannot afford to lose if he still wants to retain the support of the voters who voted him into office. Even bipartisan support for the anti-tariff act is growing in the U.S. House. A latest Ipsos poll showed that Trump's support rate dropped to 43 percent. On April 1, liberal Susan Crawford defeated his conservative opponent and won the Supreme Court election in Wisconsin, an election both the Republicans and Democrats were following closely. It is widely considered a preliminary indication of voters' confidence in Trump's economic and trade policies. Will that be a reminder to Trump's administration in policy shifts? So far, not.

But what if inflation gets out of control, the U.S. economy goes into recession, and more working Americans cannot sustain a living due to higher prices? Former U.S. Treasury Secretary Lawrence Summers called the U.S.'s tariffs "the biggest self-inflicted wound we've put on our economy in history." He added that the tariffs will increase inflation, push prices higher, give people less spending power and cause jobs to be lost. 

The Trump administration's global trade war threatens the world's economy, including the U.S.'s. Unless the global populace, including the American people, unite, the Trump administration will not easily change course. It will be a battle to save the world from chaos and disorder, benefiting people in all countries. The stake is simply too high.

Frank Yang is a commentator on international affairs for CGTN.

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