Shipping containers are seen at Union Pacific’s Los Angeles Trailer and Container Intermodal Facility (LATC) in downtown Los Angeles, California on April 1, 2025. LEHTIKUVA / AFP
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New US import tariffs announced by President Donald Trump are expected to weaken the global economy and hit the United States hardest, according to the Finnish Chamber of Commerce.
Late Tuesday night, Trump unveiled broad new trade duties, including a general 10 percent tariff on imports from all countries, alongside steeper, targeted measures.
Goods imported from the European Union will now face a 20 percent tariff, while products from China will be subject to 34 percent, and those from India 26 percent.
“This is simply poor economic policy,” said Juho Romakkaniemi, CEO of the Finnish Chamber of Commerce. “Trump is attempting to draw production back to the US and raise revenue by taxing foreign goods. The end result is economic harm for everyone, with the US likely suffering the most.”
Romakkaniemi said the scale of the tariffs had exceeded expectations and warned of retaliation from key trade partners, including the EU. He described the unfolding situation as a likely “cycle of revenge” that would damage long-term economic prospects.
“This kind of escalation will reduce potential growth globally. Unfortunately, it could shave several percentage points off Europe’s economic growth over the coming years,” he said.
In response to the US measures, EU leaders are reportedly considering countermeasures. Romakkaniemi urged EU and Finnish officials to remain committed to open trade policies.
“We must continue to advocate for freer and more open global trade. That’s the foundation for growth and for shared prosperity. Hopefully, this phase of tariffs and retaliation can be overcome and common sense returned to global trade,” he said.
The new tariffs represent one of the most aggressive protectionist moves of Trump’s presidency and are expected to spark new tensions in global trade relations. The Finnish Chamber of Commerce emphasised that trade barriers of this magnitude disrupt investment planning, supply chains, and economic recovery across all markets.
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Source: www.helsinkitimes.fi
