So, What Should We Do?!
Elham Aboul Fateh
A new shocking decision by U.S. President Donald Trump to impose new tariffs and customs duties on a number of countries, including Canada, Mexico, China, European Union (EU), and more than 200 other countries.
The tariffs range from 10% to 49% in a move that sparked great shock in global markets.
No sooner had the decision been announced than reactions began to pour in, and the effects of the economic earthquake began to appear clearly.
The first was a sharp drop in US stocks by 5%, with losses exceeding $2 trillion in just one day, in a scene described by many as an "economic catastrophe" that struck American and European stock exchanges together.
Europe, for its part, did not remain silent and quickly began preparing countermeasures to respond to these tariffs, considering this step to be just the beginning of a new trade war that could expand to include the entire world.
China, America's largest trading partner, announced that it reserves the right to respond to protect its interests.
Amid this confusing scene, what about Egypt?
An official in the textiles sector from the private sector stated that the impact of these decisions would be limited, as the duties imposed on some products may not exceed 10%.
However, our outlook must be broader; we must activate local production and try to achieve self-sufficiency in most products.
Currently, we heavily rely on imports from Europe and East Asia, leaving us vulnerable to global economic fluctuations. What affects one part of the world inevitably impacts the rest, whether directly or indirectly. We are part of a global economy, and any imbalance in one of its pillars reflects on the rest.
The decisions are not a passing event, nor are they a small detail that can be ignored. Rather, they are a sign that the world is entering a new phase of economic conflicts.
And in economic wars, there is a rule everyone knows: nobody wins... everyone loses. These decisions will change the movement of global trade.
The questions are many, and the scene changes every hour. But one thing is certain: Trump's decision will cause a massive global shake-up, the consequences of which will unfold gradually. It is a real test of nations' abilities to protect their interests in a rapidly changing world.
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