Afterword | Tariff for penguin islands? Protectionism alert!
The U.S. President Donald Trump playing with tariffs is like a child playing with matches, as social media has become flooded with penguin memes these days after Trump slapped a 10 percent tariff on all exports from the Heard and McDonald Islands, barren sub-Antarctic Australian territories. Both islands are uninhabited by humans, but home to thousands of penguins.
Trump's tariffs have however been no laughing matter for global markets, with global stock markets suffering their aftermath. Trump's tariffs are steeper and more widespread than those imposed by any other president in modern American history, even broader than the Smoot-Hawley Tariff Act of 1930, which is often cited as a contributing factor to the Great Depression.
The sweeping U.S. tariffs signal a return to protectionism that could trigger recession and global economic damage, analysts warn. But no one wants to go through another depression. The U.S. should stop using tariffs as a weapon to suppress world trade and economy, and stop undermining the legitimate development rights of people around the world. (Text/Ma Ziqian, Picture/Chen Yulong)
