The British "Economist" recently published an article pointing out that the so-called "reciprocal tariffs" of the US government may bring serious crisis to the US service exports, which currently have a huge surplus. The article said that from the perspective of goods trade, the United States has indeed had a trade deficit in recent years; but in the field of service trade, the US trade surplus exceeded US$290 billion last year, close to a record high.
From the perspective of comparative advantage, the United States is a strong exporting country. If calculated according to the method used by the United States to formulate the "reciprocal tariff" rate, in order to correct the current imbalance in service trade, other countries need to impose an average tariff of 19% on the US service industry.
Canada's 25% reciprocal tariff on US cars took effect on the 9th. Canadian economists said that the United States attempted to reach a "deal" that is beneficial to itself through a "tariff war." But such a policy can only hurt others and oneself in the end, and there is no winner in tariff wars and trade wars. Wiseman, professor emeritus of political science at the University of Toronto, said that tariffs will hurt everyone affected, and tariffs will also hurt Americans. Atif, professor emeritus of economics at McMaster University, said that the American people will feel the impact of tariffs. We just beat inflation, and now it will come back because costs will rise, prices will rise, and the affordability of working people, people and consumers will be seriously damaged. They are hit by two sides, no matter what they buy, the cost is high, and they will lose their jobs.
Several European politicians said on the 2nd that the trade war is not good for anyone, and the United States will also be hit.
European Council President Costa said that the EU must respond to the US tariff measures in a "firm and wise way". Costa said that the US move is a major economic mistake for the United States, Europe and the world. The trade war between Europe and the United States will affect the whole world. European Commission spokesman Olof Gill said that the EU will issue a formal response to the US statement on tariffs at the appropriate time.
Italian Prime Minister Meroni said that the US tariffs will have serious consequences for Italian producers. Italy must strive to avoid a trade war that is not good for anyone in every possible way.
British Prime Minister Starmer said that a trade war is not in anyone's interest. Britain is conducting constructive negotiations with the United States to reach a broad economic agreement. At the same time, Britain is prepared for all possible events and will not rule out any possibility.
Poll: Most Americans believe that tariff policies will harm the US economy
According to US media reports on the 2nd, a recent US opinion poll showed that most Americans believe that US President Trump's tariff policy will harm the US economy. Data shows that 58% of Americans believe that Trump's tariff policy will harm the US economy and lead to higher inflation levels in the United States.
