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OPINIONS

Wed 05 Feb 2025 9:08 am - Jerusalem Time

Trump's economic war

Against the friends, allies and those closest to the bilateral relations of the United States, the American President launched a confrontational campaign with economic objectives, against certain countries, even if its motives are economic, but its results are political, bearing the standards of confrontation, and departing from the common denominators that linked Washington with countries that were closest to it politically, economically and even geographically, and even strategically closest to its interests.


First, President Trump decided to impose tariffs on goods imported from Canada, Mexico and China. He was responded to by Justin Trudeau, the Prime Minister of Canada, that he would treat American goods imported to his country in the same way that the American administration treats Canadian goods. This was accompanied by a review of Canadian-American relations based on neighborliness, partnership and common interests, which President Trump touched and turned into a state of negative collision and conflict.


As for Mexican President Claudia Sheinbaum, she said: We will treat American goods as they treat Mexican goods, and we have an alternative to them and we can do without them.


Beijing has announced that it will take similar measures as the US administration has imposed or will impose on Chinese goods.


Danish Prime Minister Mette Frederiksen responded to the US President that Greenland is not for sale or rent, and ridiculed his proposal and intentions.


Saudi Arabia leaked its position that it will not be able to reduce oil prices, as Trump demands, and that reducing oil prices to $45 per barrel will make it difficult for Saudi Arabia to cover the financing of services and needs for local projects, and the salaries of employees in government institutions. It announced that it categorically rejects any normalization operations with the Israeli colony, and rejects the displacement of Palestinians from Gaza and the West Bank, and supports the decisions of Jordan and Egypt and their declared positions against displacement. It confirmed that ending the conflict begins with the establishment of the State of Palestine with Jerusalem as its capital, and confirmed that it informed the Trump administration of this. It has become known that the Cairo ministerial meeting of the six Arab countries: Egypt, Saudi Arabia, Qatar, the United Arab Emirates, Jordan and Palestine with the Arab League, resulted in sending a letter to US Secretary of State Marco Rubio, which included the announced statement of that meeting.


As for Europe, which he threatened, as he did with Canadian and Mexican products, with customs duties of up to 25 percent, and on Chinese products 10 percent, and that Europe's turn would come later with increasing customs duties on European goods and merchandise, Brussels responded that its response would be firm if its products were targeted by unfair American duties.


The outcome of Trump's economic policies will be paid for by the American citizen through increased customs duties on imported goods, while other countries will reduce their imports of American goods when customs duties are raised in line with what Washington is doing. This will create economic crises that will lead to tension and contradict the policy of open markets and global trade, which Washington has worked with European industrial countries to generalize.

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Trump's economic war