RW Says US Tariff Strategy Backfiring, Warns of Shift in Global Power
Former President Ranil Wickremesinghe has sharply criticised the United States’ latest tariff measures, warning they could devastate Asia’s manufacturing base, destabilise the Indo-Pacific region, and accelerate a global power shift towards China.
In a video statement, he argued that the US no longer holds the economic dominance it once did and that the new tariff policy threatens millions of jobs while undermining faith in US leadership.
Full statement:
“President Trump has blinked. The US does not have the economic capacity to impose its will on the rest. In 1950, the US had 50% of the world’s GDP. Today, it is only 25%. China has 19% and the EU 13%.
These high reciprocal tariffs seek to destroy the manufacturing capacity of Asia from East Asia to South Asia. This also affects Australia. In one blow, the faith in the Indo-Pacific has been lost. It will also weaken support for Taiwan in the region.
Many low-paying jobs in Asia, totalling over millions, will be affected. Their aspirations of joining the middle class destroyed. Public support will move towards China. Now China stands strong in our part of the world.
This was the best time for China to hit back when the whole world was affected. So, they haven’t got to be isolated. Now China stands strong in our part of the world. It seems to have planned its response to the US. This was the best time for them to hit back when the whole world was affected.
China has to survive 18 months till the US midterm elections. The presidency has no midterm elections.
Russia is also a winner from the US-China rivalry. Unscathed by tariffs and with a weakened US handling the Ukraine peace talks, already new proposals for world order have come out.
ASEAN especially wants the WTO to mediate in the question of tariffs. Former Prime Minister Gordon Brown has suggested a coalition of the willing. And at the same time, China has to increase its domestic consumption, providing an alternate market.
The question we faced earlier was determining China’s place in a US-made world order. Now we have to decide the place of the US.”