The protectionist measures imposed by the United States are backfiring on both the U.S. itself and global economies, warned Polish economist Witold Olkowski.
The United States' reckless imposition of tariffs has exacerbated global trade tensions and severely disrupted the world economic order, Orlowski said in a recent interview with China Media Group (CMG).
"The economists do not have any doubt that imposing tariffs is actually slowing down the growth everywhere, including the country that started the game. So we see already the International Monetary Fund that scaled down the projections of the forecast of the growth for the whole global economy for the 2025, including the United States. Because it's absolutely clear for the economists that if you start making tariff barriers, then first you punish your own customers because they will pay higher prices. And secondly, given that other countries normally react to it by retaliatory tariffs, you don't get anything. Just everybody is banished. Everybody is growing slower," he said.
While Poland's direct exports to the U.S. remain limited, the professor emphasized that as an EU member, Poland faces indirect impacts through trade partners heavily reliant on American markets. He noted that even the current suspension of new U.S. tariffs on the EU has already caused economic deceleration.
"The International Monetary Fund has already said that because of what has happened already. So this tariff is being suspended and not being introduced extra tariffs. There is at least half a percentage point of the slowdown in the global growth and almost one percent growth slower in the United States and in the European Union. So if it continues, if there is no success in negotiations, then we have even a bigger drop in the economic growth worldwide," said Orlowski.
Protectionist tariffs create "lose-lose" for all economies: Polish economist
Protectionist tariffs create "lose-lose" for all economies: Polish economist
Visiting Chinese Foreign Minister Wang Yi said Saturday China is willing to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and advance the China-Lesotho strategic partnership.
Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Lesotho Prime Minister Sam Matekane in the capital of Lesotho.
During the meeting, Wang congratulated Lesotho on the 60th anniversary of its independence this year, and spoke highly of Lesotho government's efforts to prioritize economic development and steer the African country onto a path of sustainable growth. Since the Beijing Summit of the Forum on China-Africa Cooperation (FOCAC) in 2024, the two sides have advanced cooperation under the 10 partnership action plans unveiled at the summit, successfully implementing a number of key projects to effectively promote Lesotho's development and revitalization, Wang said.
China stands ready to work with Lesotho to strengthen exchanges on governance experience, enhance coordination in multilateral affairs, and push for greater development of the China-Lesotho strategic partnership, he added.
Calling on the two sides to firmly support each other, Wang said that China will accelerate the implementation of its zero-tariff policy for African countries, including Lesotho, expand bilateral trade, investment and industrial cooperation, facilitate broader access of Lesotho's specialty products to the Chinese market, and continue to support Lesotho's national development.
China will continue to stand firmly with African countries, uphold justice for the Global South, including Lesotho, oppose unilateralism and acts of bullying, and work together to build a community with a shared future for humanity, Wang said.
On his part, Matekane said during the meeting that Lesotho cherishes its friendship with China and the strategic partnership between the two countries, and expressed gratitude for China's valuable support for the development of African countries, including Lesotho.
Lesotho firmly adheres to the one-China principle and resolutely supports China in safeguarding its core interests, he said, noting that his country stands ready to strengthen strategic mutual trust with China, expand people-to-people exchanges, jointly implement the outcomes of the FOCAC Beijing Summit, and deepen cooperation in areas such as infrastructure, manufacturing and energy.
Matekane stressed that China's zero-tariff policy for African products will inject new impetus into Lesotho's development. He also expressed Lesotho's willingness to strengthen solidarity and cooperation with China on multilateral platforms such as BRICS to jointly address global challenges.
On the same day, Wang also held talks with Lejone Mpotjoana, minister of foreign affairs and international relations of Lesotho.
China, Lesotho to strengthen exchanges, advance cooperation
