Kremlin Denounces US Tariff Increases as Risky for Global Economy
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Synopsis
Kremlin spokesperson Dmitry Peskov criticized the US for its recent tariff hikes, which he claims threaten global economic stability. He emphasized that the Kremlin is closely monitoring the situation and is committed to mitigating the impact on its economy amidst rising recession fears worldwide.
Key Takeaways
- Kremlin denounces US tariffs as destabilizing.
- Economic tension and pessimistic forecasts arise.
- China opposes US unilateral tariff actions.
- Global disparities worsened by US tariff policies.
- Threat to UN 2030 Sustainable Development Agenda.
Moscow, April 7 (NationPress) The Kremlin spokesperson Dmitry Peskov condemned the United States on Monday for its extensive tariff increases, alleging that it jeopardizes global economic stability.
"We are vigilantly observing the prevailing situation, which is incredibly unstable and emotionally charged," he stated during a daily briefing.
The tariffs imposed by the US on various nations have fostered a climate of economic strain and dim forecasts for global markets, according to Peskov.
"Naturally, we are taking and will continue to take all necessary measures to mitigate the impacts of this global economic upheaval on our economy," he added, as reported by Xinhua news agency.
On Wednesday, US President Donald Trump enacted an executive order concerning so-called "reciprocal tariffs," which includes a 10 percent "minimum baseline tariff" along with elevated rates for specific trading partners.
Stock markets throughout the Asia-Pacific region experienced significant declines on Monday as the financial unrest triggered by the US decision amplified recession anxieties globally.
Earlier that day, the Chinese Foreign Ministry stated that the unilateral application of "reciprocal tariffs" by the United States effectively strips nations, particularly those in the Global South, of their developmental rights and is bound to face extensive opposition from the global community.
Chinese Foreign Ministry spokesperson Lin Jian remarked at a daily press conference that the United States, under the pretense of "reciprocity," is behaving in a way that favors its own interests to the detriment of others' legitimate benefits. This conduct prioritizes "America First" over international regulations, showcasing unilateralism, protectionism, and economic coercion.
Lin further stated that the Chinese government has publicly articulated its stance against the US misuse of tariffs, clearly expressing its serious position.
Data from the World Trade Organization suggests that, amid economic inequalities and imbalanced power relations, US tariff strategies will worsen the wealth divide among nations, with less developed countries experiencing particularly harsh consequences, according to Xinhua news agency. This trend poses a considerable risk to the initiatives aimed at fulfilling the United Nations 2030 Agenda for Sustainable Development, Lin noted.
