Donald Trump’s latest economic proposals, centered on a sweeping tariff policy, threaten to inflict serious and long-lasting damage not only on the US economy but on the global economy as a whole.
This is the stark warning from the CEO and Founder of deVere Group, one of the world’s largest independent financial organizations, as the former President and Republican candidate for the White House, outlines plans to impose across-the-board tariffs of 10% to 20% on all imports, including from Europe, with specific targets like China facing tariffs upward of 60%.
Nigel Green says: “Let’s be absolutely clear: Trump’s tariffs will not Make America Great Again and they will scar the US and global economies.
“While on the surface this may seem like a move toward self-reliance, the reality is far more complex—and detrimental.
“The imposition of broad tariffs does little to address the structural issues plaguing American manufacturing.
“Instead of incentivizing meaningful innovation and investment in the sector, tariffs artificially inflate the costs of goods that American businesses and consumers rely on.
“These added costs are unlikely to stay with foreign producers; instead, they’ll be passed directly to US consumers in the form of higher prices for everyday items.”
The key promise of Trump’s tariffs is to “Make America Great Again” by boosting local jobs and manufacturing. But history has proven that tariffs often backfire.
“Instead of driving economic growth, they lead to higher costs for businesses that rely on imported materials—industries ranging from automotive to tech will face skyrocketing prices, making it difficult to compete both domestically and internationally.
“As companies are forced to absorb these new costs, many will have no choice but to cut back, leading to layoffs and factory closures. Far from creating jobs, Trump’s tariffs could eliminate them, especially in industries dependent on global supply chains,” notes the deVere Group CEO.
Trump’s proposed tariffs on Chinese imports, particularly the staggering 60% rate, could trigger a new wave of retaliatory trade actions.
Nigel Green continues: “China, and other nations, won’t sit idly by. In response, we could see escalating trade tensions, with other countries imposing tariffs of their own on US goods. This tit-for-tat escalation risks plunging the global economy into a trade war.
“Trade wars don't produce winners; they create higher prices, slow economic growth, and create uncertainty in international markets.
“For businesses operating globally, these uncertainties make long-term planning nearly impossible. Industries like agriculture, which rely heavily on exports, could face devastating consequences as demand for US products plummets under retaliatory tariffs.”
The fallout from such a policy shift would not be temporary. A global trade war could have lasting effects, leading to slower economic growth for years to come. Emerging markets, reliant on global trade flows, would face stunted development, while developed economies, including the US, would see shrinking opportunities for expansion.
Supply chains built over decades would be forced to recalibrate, and companies would need to navigate a more fragmented global marketplace. The deVere CEO explains that “the long-term impact could be a global economic downturn, marked by reduced productivity, less innovation, and slower overall growth.”
He concludes: “Far from Making America Great Again, these tariffs are poised to wreak havoc on American businesses, hurt consumers, and fracture the global economic system for years to come.
“The stakes couldn’t be higher. A flawed vision of greatness.”
