Trump's Proposed Tariffs Could Slash Global Trade Growth By Up To 10 Pct -- Steven Altman
KUALA LUMPUR, March 14 (Bernama) -- There is a potential reduction of global trade volume by 7 to 10 per cent in the medium to long term, marking a substantial decline if United States President Donald Trump's proposed tariffs are enacted.
New York University (NYU) Stern School of Business Professor Steven A. Altman said this scenario could unfold if the US and other countries respond in kind with tariffs on US exports.
“Let’s consider the potential impact on global trade if Trump proceeds with his proposed tariff increases outlined during his election campaign, which include imposing 60 per cent tariffs on all US imports from China and 10 per cent on imports from other countries worldwide.
“These tariffs would likely significantly slow down global trade growth, though they would not reverse it entirely,” he said.
He made these comments during a webinar media briefing on the launch of the DHL Trade Atlas report today. The 2025 edition provides a deep dive into the global landscape of import and export flows.
Published in collaboration with NYU’s Stern School of Business, the report covers nearly 200 countries, examining trade growth trends, geographic shifts, the mix of products traded, and broader changes in the business environment.
Altman also said that without full implementation of Trump’s proposed tariffs, global trade is expected to grow by approximately 16 per cent by 2029, compared to the projected 2024 levels.
“Even under the most pessimistic estimate of a 10 per cent reduction in trade volume by 2029, positive trade growth would still occur over the next five years, albeit significantly lower than the baseline scenario,” he added.
-- BERNAMA