Global economists call for multilateral cooperation to fight US unilateral tariff hikes

China

Global economists call for multilateral cooperation to fight US unilateral tariff hikes

2025-05-06 12:03 Last Updated At：17:27

Global economists called for concerted efforts to safeguard an open and multilateral international trade system to effectively deal with protectionism as the U.S. erratic tariff policy is jeopardizing global economic growth.

They are in Milan, Italy for the annual meeting of the Asian Development Bank (ADB) from Sunday to Wednesday which gathered a broad range of partners and stakeholders to discuss how shared solutions can deliver stability, progress, and lasting positive change in Asia and the Pacific.

ADB chief economist Albert Park said the Asian region is hit hard by the U.S. tariff policy as certain countries stand out as the most at risk due to higher levies.

"The U.S. tariffs would definitely slow down growth in the region. We estimate nearly a percentage point of growth in Asia could be lost," he said.

Former Spanish Foreign Minister Arancha Gonzalez called for unity from all mutually dependent economies that uphold the rules-based global multilateral trading system with the World Trade Organization at its core to tackle unilateral protectionism.

"And therefore I would say, faced with this unilateralism on the U.S. side is to remember that the U.S. represents 13 percent of world imports. So it will matter a lot what the 87 percent remaining will do and what they will want. So if they want today to not make matters worse by not engaging into trade protectionism, it will help. If they decide to protect the rules of international trade, it will work. So it's the time for those who care and see value in the international trading system to act now to protect it," she said.

Amedeo Scarpa, director of the Italian Trade Agency's Foreign Network Department, said the multilateral trading system is a fair mechanism that can overcome current trade barriers through mutually beneficial cooperation.

"When we can recognize each other's interests, which is what Asia and China often call a win-win situation, we can open up a path for cooperation, which will steer the way out of darkness that we have repeatedly found ourselves in, even if it feels like there are more barriers than bridges," he said.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Founded in 1966, ADB is owned by 69 members, including 50 from the region.

Protesters rally in Italy, Greece against U.S. military operation in Venezuela

Thousands of demonstrators rallied in Italy and Greece on Saturday to protest against U.S. military intervention in Venezuela, with protesters in Rome, Milan and Athens condemning Washington's actions and calling for respect for Venezuelan sovereignty.

In Rome, more than 1,000 demonstrators marched toward the area near the U.S. Embassy, calling on Washington to immediately release Venezuelan President Nicolas Maduro and his wife.

Police blocked roads around the embassy to prevent protesters from approaching the building, but demonstrators continued to denounce U.S. actions.

"First of all, we oppose U.S. imperialist aggression. This kind of behavior is shameful. The U.S. is attacking a sovereign country, and as [U.S. President Donald] Trump himself has said, this is for oil interests," said protester Giovanni Barbera.

Saturday's rally marked the second large-scale protest in Rome this month against U.S. military operations in Venezuela, following an earlier one on on Jan 3.

Participants included members of multiple political parties, labor unions and social organizations. The protesters held banners reading "Stop imperialist interference" and "Free Maduro," urging the international community to respect Venezuela's sovereignty and the will of its people, and condemning the U.S. for violating international law.

"We are protesting the way the U.S. handles international politics. Since the events of January 3, we have seen violations of international law, and we are very concerned about how the global situation is developing," said protester Stefano De Angelis.

Organizers said solidarity rallies in support of Venezuela were held in 30 Italian cities on the same day.

Meanwhile, similar protests were also staged in Greece. About 200 people gathered outside the U.S. Embassy in Athens, voicing support for Venezuela and opposition to U.S. military actions.

"We oppose U.S. imperialism and its attack on Venezuela. At the same time, the U.S. is also threatening Cuba, Mexico and Greenland. We must stand up against this behavior," said Greek protester Argiro Sirmakezi.