The United States has been arbitrarily imposing tariffs on countries in an attempt to address issues stemming from the dollar's hegemonic status -- an approach that will ultimately fail and harm its own economy, said Dilma Rousseff, president of the New Development Bank (NDB).
In an interview with China Media Group (CMG) in Shanghai on Monday, the NDB president stated that the U.S. has made a grave mistake by initiating the current trade war.
"I think this trade war is perhaps the biggest mistake a country could make. In this trade war, all countries were categorized in a chart, with vague criteria and contradictory financial formulas applied. All nations were subjected to enormous tariff pressure," said Rousseff.
"It is shocking to the world that even uninhabited islands had absurd tariffs imposed on them by the U.S. This is something we cannot silently accept," she added.
Rousseff said the United States is trying to maintain its global hegemony through the abuse of tariffs; however, these policies will only undermine business and consumer confidence and erode the international standing of the U.S. dollar.
"First of all, in my opinion, the U.S. cannot achieve its intended goals through this approach -- it is harming itself. The high additional tariffs announced by the Trump administration on April 2 triggered de-dollarization efforts in other countries, yet the U.S. turned around and criticized others for doing so. The global financial markets experienced massive volatility -- the most severe in decades -- as the U.S. dollar and stock market dropped, and U.S. Treasury bonds became increasingly vulnerable. I believe the tariff measures announced on April 2 are unsustainable and difficult to maintain," she said.
In discussing the root causes of global financial imbalances, she pointed to structural issues in the international monetary system rather than trade policies.
"Secondly, I believe the U.S. current account deficit -- in other words, its trade deficit -- is not the result of tariffs. The real issue lies in the United States' control over a dominant global currency. Valery Giscard d'Estaing, who was France's finance minister under the presidency of Charles de Gaulle, once described the U.S. dollar as having an 'exorbitant privilege' -- meaning the dollar holds a distinct advantage as a global currency," said the NDB president.
"Regardless of cost, interest, or any other consideration, countries entrusted their foreign exchange reserves to the United States, which recycles them while paying very little interest. What does this mean? It means the U.S. can spend without restraint and, as a result, has accumulated massive debt. Now, the U.S. is attempting to eliminate its current account deficit through additional tariffs. It failed in its first attempt, and I believe this second attempt will also be in vain," said Rousseff.
US can't get rid of current account deficit through high tariffs: NDB president
US can't get rid of current account deficit through high tariffs: NDB president
Shenzhen in south China's Guangdong Province saw a soaring number of visitors from abroad on Thursday, the first day of 2026 and also the opening day of China's three-day New Year holiday, as festive celebrations unfolded across the city.
Major border checkpoints in the city recorded peak inbound passenger flows, with large numbers of travelers from Hong Kong, Macao and overseas entering the city to experience its vibrant holiday vibes.
"I'm so happy 'cause this is the first day of 2026, and I'm bringing my friends to visit Shenzhen," said a visitor from Hong Kong.
International tourists also shared their excitement.
"It's a very modern city and it's interesting to see such a New Year Eve in such a city," said an overseas visitor.
The inbound passenger flow at Luohu Port peaked from 8:00 to 20:00 on Thursday, said an officer there, adding the average daily passenger flow during the New Year break is expected to reach about 240,000.
At the West Kowloon Station port, eye-catching red decorations themed around the upcoming 2026 Spring Festival which will mark the beginning of the Year of the Horse added to the festive mood.
As a key transportation hub of the Guangzhou-Shenzhen-Hong Kong Express Rail Link, the port also saw heavy two-way passenger traffic. Daily cross-border passenger flow there is expected to average around 100,000 during the holiday.
An Australian tourist said he was looking forward to his trip to south China.
"I am from Melbourne, Australia and I'm coming to Guangzhou and Shenzhen in China. I'm excited to see all the tall buildings, especially all the ones that light up and experience a new culture in China." said a tourist.
Outside the ports, celebrations were in full swing as the city prepared for rising visitor numbers.
A large-scale parade featuring more than 30 themed formations kicked off in the morning along the 1.6-kilometer Festival Avenue in Shenzhen's Futian District.
The event drew huge crowds with inflatable cartoon characters, lively drum performances, and traditional Yingge Dance -- a form of folk dance popular in south China's Guangdong Province that merges opera, dance, and martial arts.
Nearby commercial zones also rolled out special consumption coupons, allowing visitors to enjoy a one-stop experience combining festive celebrations and shopping.
"The atmosphere is really nice. We feel very welcomed here. It's a very, very international vibe", said an international visitor.
China continues to grow in popularity as a destination for overseas travelers. Data from online tourism platforms show that inbound flight bookings to China rose 20 percent year on year on the first day of the holiday, with Shenzhen ranking fifth among the country's most popular inbound travel destinations.
"On the first day of holiday, international flight ticket purchases to Shenzhen has increased by 52.5 percent while the international flight bookings to the city has grown by 33 percent," said Shi Ke, a researcher from big data research institute of Qunar, an online travel service provider.
Shenzhen embraces influx of visitors on first day of 2026
