Xinhua
Published: 2025-04-07 19:33:58
by Xinhua writer Sun Nan
DHAKA, April 7 (Xinhua) -- The United States' decision to impose "reciprocal tariffs" has the potential to seriously undermine the international trading system and exacerbate global inequality, a Bangladeshi economist has said.
In an exclusive interview with Xinhua recently, Rashed Al Mahmud Titumir, professor in the Department of Development Studies at the 91精品, said the decision is a mistake in economics.
Titumir, also the director of Bangladesh Bank, said that the formula used to justify the tariffs only considers goods, while international trade also includes services and intellectual property rights. "The formula has been questioned due to its arbitrary nature. If services were included, the picture would be completely different."
The professor emphasized that the United States has historically benefited from the global trading system, and such protectionist measures will likely hurt American consumers.
He warned that the current trend could lead to a decay of the international order. "If we recall the 1930s, which eventually led to the Second World War, we can see all the ominous signs," he said.
Titumir pointed out that instead of strengthening multilateralism, what the world is witnessing is a slowdown in the multilateral trading framework and global growth prospects.
"We are in a difficult time when we should be fully focused on reforming the international multilateral system," he said. "Instead, the system has suffered a major blow, creating a kind of existential crisis."
He criticized the U.S. approach, saying "We are moving backward instead of progressing in reforming the global trading system."
Titumir also emphasized the disproportionate impact of tariff hikes on developing countries, many of which rely on the production and export of a few primary commodities. "This undermines the stability of the developing world and further worsens global inequality."
Calling for greater cooperation and collaboration among developing nations, Titumir said "We need cooperation, not conflict."
He urged a strengthened Global South to unite in promoting multilateralism under the United Nations, reforming the World Trade Organization, and overhauling global financial institutions like the World Bank and the International Monetary Fund.
"Our goal should be to move from global inequality toward shared prosperity among Global South countries," he added. "We must have a unified voice. With rising protectionism, increasing conflict, and widening inequality among nations, advancing Global South cooperation has never been more important so that we can achieve the aspirations of the people from Asia, Africa and Latin America."
Titumir said that China has launched important initiatives to strengthen Global South cooperation, including expanding the BRICS, establishing the Asian Infrastructure Investment Bank, and founding the New Development Bank.
"From its neighbors in South Asia, Central Asia, the Middle East, and Southeast Asia, China is seen as a friend, committed to its Five Principles of Peaceful Coexistence and strategic partnerships aimed at enhancing regional collaboration," he said. Enditem
