April 22nd (AMSP/CGTN) – – The sweeping tariffs imposed by U.S. President Donald Trump could hit Global South countries hard, experts have warned.
Jayati Ghosh, economics professor at the University of Massachusetts Amherst, expressed concerns that the cancellation of export orders could weaken supply chains.
“As with previous self-inflicted economic crises, the U.S. economy will undoubtedly suffer, but the heaviest burden will fall on the developing world. Cancelled or delayed export orders are already undermining production and fueling unemployment,” wrote Professor Ghosh in an op-ed titled “The Global South will pay for Trump’s trade war.”
“The result could be an entirely manufactured global recession, with the developing world bearing the brunt,” Ghosh wrote.
According to data from the International Trade Centre, Bangladesh, the world’s second largest apparel exporter, could lose $3.3 billion in annual exports to the U.S. by 2029 if the U.S. tariff of 37 percent stays after the pause.
The Bahamas also expressed “deep concerns” over the U.S. president’s move to ignite a trade war given that it will once again worsen the inflation and cost of living crisis that many Bahamian families are “already struggling with.”
The island country, which imports virtually all the physical goods it consumes and has limited domestic production capacity, is especially vulnerable to the imposition of tariffs. “With Bahamians already struggling with inflation and the high cost of living, this is definitely very bad news,” said the Bahamas Chamber of Commerce and Employers Confederation in a statement.
Chinese Ambassador to the Bahamas Yan Jiarong explained the destructive nature of Trump administration’s tariff policy in a recent article, calling on Global South countries to jointly oppose tariff and trade bullying.
“Global South countries – including the Bahamas – should strengthen South-South cooperation to deepen industrial and supply coordination and enhance economic resilience and self-development capacity to safeguard our development rights collectively,” he said.
Yan also reiterated China’s role as “anchor of stability” for the multilateral trading system, stressing its commitment of further opening up.
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