The reverberations of America’s escalating trade wars are being felt worldwide, but it’s the Global South – those developing nations heavily reliant on exports – that will bear the brunt of this self-inflicted wound. A scathing op-ed by Professor Jayathi Ghosh of the University of Massachusetts Amherst, published in the Belgian newspaper L’Echo, lays bare the uncomfortable truth: Trump’s tariffs aren’t just about ‘America First,’ they’re about inflicting economic pain on the world’s most vulnerable economies.
Ghosh’s analysis isn’t some academic exercise; it’s a stark warning. The widespread imposition of tariffs by the US is actively disrupting global trade, creating a chilling effect on international commerce. This isn’t just about lost profits; it’s about livelihoods, stability, and the future of development.
Let’s break down why this is so critical:
Tariffs increase the cost of exports. Developing nations, often specializing in a few key goods, are immediately disadvantaged. Competition becomes fiercely uneven.
The fragile financial markets in these nations are uniquely susceptible to capital flight. Increased global uncertainty pushes investors elsewhere, starving growth.
The entire foundation of the multilateral trading system is being chipped away. This erodes trust and risks a descent into protectionism.
We’re witnessing a dangerous gamble with the global economy, and frankly, the stakes are too high. The US, in pursuit of short-sighted gains, is jeopardizing the hard-won progress of decades. It’s time to wake up and recognize this for what it is: a strategically reckless act with devastating consequences for the Global South. Don’t be fooled by the rhetoric – this isn’t a negotiation; it’s a power play with real people paying the price.
