'Nobody wins' trade wars, says Antonio Guterres on US tariffs

António Guterres was responding to a journalist at the stakeout in UN Headquarters in New York, who asked him for reaction to the recent decision by United States President Donald Trump to impose a minimum ten per cent tariff on nearly every country in the world.

Tariffs are a tax on imports coming into a country which are usually charged to the exporting nation as a percentage of value.

Concern for vulnerable developing economies

“Trade wars are extremely negative,” the UN chief said, adding that he was “particularly worried” at the impact rising tariffs could have on vulnerable developing countries, warning that it could be “devastating”.

“I sincerely hope that we will have no recession because a recession will have dramatic consequences, especially for the poorest people in the world,” the UN chief added.

US imposes 104 percent tariff on Chinese goods

The United States has officially imposed a massive 104 per cent tariff on Chinese imports, triggering tension in the already deteriorated relationship between the world's two largest economies.

The US move might hit troubled global markets, which have witnessed massive falls in recent days since President Trump announced reciprocal tariffs.

President Donald Trump is set to impose an astounding 104% in levies across all Chinese imports on Wednesday, White House Press Secretary Karoline Leavitt announced on Tuesday as quoted by CNN.

Ass part of Trump's reciprocal tariff package, China was already set to see a tariff hike of 34 percent.

However, Trump added additional 50 percent tariff when China did not back out from its promise to impose 34 percent retaliatory tariffs on US goods by noon Tuesday.

The US had previously imposed 20 percent tariff on China in March.

Speaking on the latest moves announced by the USA, Karoline Leavitt wrote on X: "Countries like China who retaliate and try to double down on their mistreatment of America are making a gigantic mistake."

" President Trump has a spine of steel. America will not bend, and we will not break under his leadership," she said.

She further said, " President Trump is guided by a firm belief that America must be able to produce essential goods for our own people and export them to the rest of the world."

Chinese Tariff Response

The Chinese government last week imposed an additional 34 percent tariffs on all imported U.S. products starting April 10, days after Washington announced reciprocal tariffs.

'Tariff War Has No Winners'

Reacting to Trump's latest announced tariff moves,  Chinese Foreign Ministry Spokesperson Lin Jian on Tuesday said: "Trade and tariff wars have no winners, and protectionism leads nowhere. We Chinese are not troublemakers, but we will not flinch when trouble comes our way. Intimidation, threat and blackmail are not the right way to engage with China."

"China will take necessary measures to firmly safeguard its legitimate and lawful rights and interests. If the U.S. decides not to care about the interests of the U.S. itself, China and the rest of the world, and is determined to fight a tariff and trade war, China’s response will continue to the end," he said.

Trump's Sweeping Reciprocal Tariffs

Triggering almost a global trade war, Trump on Wednesday announced tariffs of at least 10 percent on almost all goods from other countries, plus even higher rates for many nations, including friends, but deemed to be “worst offenders”.

Addressing an audience in the Rose Gardens of the White House, including rows of construction helmet-wearing workers, Trump had said, “The tariffs will not be fully reciprocal. I could have done that, I guess. But it would have been tough for a lot of countries."

Apart from China, Trump announced a reciprocal tariff of 26 percent on India and 20 percent on the European Union, among others.