Finnish Chamber: Trump’s Tariffs Could Backfire, Hitting U.S. the Hardest
President Donald Trump just rolled out a fresh batch of import tariffs, and according to the Finnish Chamber of Commerce, they’re bad news for the global economy especially for the U.S. itself.
Late Tuesday night, Trump announced a sweeping set of trade duties, slapping a 10% tariff on all imports. But it doesn’t stop there goods from the European Union now face a hefty 20% tariff, imports from China get hit with 34%, and products from India will be taxed at 26%.
Juho Romakkaniemi, CEO of the Finnish Chamber of Commerce, didn’t hold back, calling the move “poor economic policy.” He says Trump’s goal of bringing production back to the U.S. and generating revenue through tariffs will likely do more harm than good. “In the end, the U.S. could end up suffering the most,” Romakkaniemi warned.
The sheer scale of these tariffs is bigger than many expected, and there’s already talk of retaliation from key trade partners like the EU. Romakkaniemi fears this could spiral into a “cycle of revenge,” with each country fighting back ultimately slowing down economic growth worldwide.
“If this keeps up, Europe’s economy could take a serious hit over the next few years,” he added.
With tensions rising, EU leaders are reportedly considering countermeasures. Romakkaniemi is urging Finland and the EU to stand firm in supporting open trade. “Freer, open trade is the foundation of growth and prosperity. Hopefully, we can move past this and bring some common sense back to global trade,” he said.
This is one of the most aggressive protectionist moves of Trump’s presidency, and experts warn it could disrupt supply chains, slow investment, and hurt economies worldwide. The big question now how will the world respond?
Global Growth at Risk? Finnish Chamber Says Trump’s Tariffs Hurt America Most
