Hey everyone, the global economy is shaking up as experts warn that Trump's tariff moves could hit Global South nations hard. The sweeping tariffs imposed by U.S. President Donald Trump are already causing ripple effects through supply chains and putting jobs at risk in developing economies.
Economics professor Jayati Ghosh from the University of Massachusetts Amherst warned in her op-ed "The Global South will pay for Trump's trade war" that cancelled or delayed export orders are eroding production and fueling unemployment. 😱 For instance, research shows that Bangladesh could lose up to $3.3 billion in annual exports if the 37% tariff continues.
The Bahamas is another case in point. With most goods imported and limited local production, concerns over rising inflation and living costs are intensifying. Local industry leaders are worried that these measures will only add to the existing economic pressures.
Adding to the discussion, Chinese Ambassador Yan Jiarong urged Global South countries to enhance South-South cooperation. He emphasized boosting industrial coordination and economic resilience to safeguard collective development rights—a call for stronger, self-sustaining economies in the face of global trade challenges. 🔥
In a world where trade policies can impact everyday life—from job markets to the prices we pay—staying informed and prepared is key. Keep an eye on this evolving story as its global ripple effects continue to unfold!
Reference(s):
Experts: Global South countries suffer from Trump's tariff policy
cgtn.com
