Over 970 economists, business leaders, and academics worldwide have signed a declaration condemning recent U.S. tariff policies as a "reckless gamble" that risks destabilizing global markets and triggering a "self-inflicted recession," according to documents seen by KhabarAsia.com.
The "Trade and Tariffs Declaration" – endorsed by Nobel laureates James Heckman and Vernon Smith – argues that reciprocal tariffs imposed by the Trump administration since April 2025 "fundamentally misunderstand global economics." Signatories claim the measures threaten $9 trillion in global trade across 180 countries and regions.
While recent tariff rollbacks temporarily eased market volatility, the declaration warns that "American workers will bear the brunt" through rising costs and reduced competitiveness. The document challenges claims that tariffs support domestic manufacturing, citing disrupted supply chains and retaliatory measures from trading partners.
Analysts note the unusually direct language from economic experts: "These policies don\u2019t solve trade deficits – they weaponize them," states one passage. The text urges a return to "evidence-based solutions" rather than political posturing.
As Asian markets monitor developments, implications extend beyond economics. The Port of Los Angeles – handling 20% of U.S.-Asia maritime trade – saw container volumes drop 14% year-over-year last quarter, reflecting broader supply chain uncertainties.
