Though tariffs may be politically appealing to Washington, they may trigger retaliatory cycles.
SARAJEVO, Feb. 22 (Xinhua) -- Washington's escalating protectionist policies, grounded in the "zero-sum" logic, risk destabilizing the global economic order and deepening recessionary pressures, an expert has said.
The Trump administration's tariff-driven agenda, which prioritizes short-term domestic gains, threatens to fracture international supply chains and undermine multilateral institutions, said Vlade Simovic, a professor of the Faculty of Political Science at the University of Banja Luka in Bosnia and Herzegovina.
In an interview with Xinhua, he depicted the Trump administration's move to revive high tariffs as a return to mercantilist principles.
While Washington seeks to reshore manufacturing and reduce reliance on imports, this approach ignores the realities of globalization, said Simovic.
Though tariffs may be politically appealing to Washington, the expert warned, they may trigger retaliatory cycles.
"Modern economies thrive on interdependence. Disrupting this balance risks inflation, supply chain chaos and a collapse of multilateral frameworks," he said.
U.S. unilateralism is eroding the World Trade Organization (WTO), with Washington prioritizing bilateral deals over multilateral rules, said Simovic. "The WTO is increasingly irrelevant to the U.S. that writes its own playbook."
Historical parallels are alarming -- protectionism in the 1930s worsened the Great Depression, he added.
Simovic said that the European Union, as a key U.S. trade partner, faces acute vulnerabilities under U.S. tariff threats on steel, aluminum and automobiles, which pose risks to Europe's social stability and economic growth.
The international community must prioritize inclusive reforms to avert a preventable crisis -- one where short-term political wins pave the path to long-term collective loss, he said. ■