Shavkat Mirziyoyev speaks on the impact of US tariffs on the global economy

Stable relations between countries, which have developed over many years, have become ineffective in today’s world. This was stated by the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, on April 18 during a videoconference focused on measures to mitigate the impact of global economic shocks on Uzbekistan's sectors and industries.

At the beginning of his speech, the head of state addressed the current global economic situation.

“The world today is not the same as before. It is not about tariffs or their amount. International institutions, which have ensured stable relations and mutual trust between countries for many years, and the rules and norms they have developed, are becoming ineffective today,” President Mirziyoyev stated.

As is known, U.S. President Donald Trump announced new tariffs on goods imported from countries around the world in early March of this year. Until now, Uzbek officials have referred to these developments simply as "a situation that has arisen in the world economy," without directly naming the United States. President Mirziyoyev echoed this cautious approach in his recent videoconference remarks.

“Of course, these processes can have a knock-on effect, leading to a slowdown in the global economy and a decrease in international trade,” the head of state emphasized.

For context, in early March, Donald Trump raised tariffs on Chinese imports from 10 percent to 20 percent, citing China’s alleged failure to address the illegal drug crisis. Late last week, Trump announced new import tariffs affecting more than 180 countries and territories, including China.

In response, Beijing warned of reciprocal tariffs on American goods. Trump, on April 7, declared that if China did not withdraw its retaliatory measures, the U.S. would impose an additional 50 percent tariff starting April 9. Subsequently, the U.S. announced a 104 percent tariff on imports from China. China retaliated with new tariffs of 50 percent on U.S. goods, adding to an earlier 34 percent tariff, raising the total to 84 percent. The United States responded by increasing its tariff rate to 125 percent, and later to 145 percent.

It should be recalled that Kazakh President Kassym-Jomart Tokayev recently convened an emergency meeting in response to changes in the global market. On April 14, during a meeting with the public in the city of Shymkent, he warned that the escalating global trade war could potentially lead to armed conflicts.