According to Donald Trump, the Trade War Will Only Create Losers

The American president is attacking the multilateral system head-on. There’s nothing good in this gesture. Calls for calm will multiply, but the damage is inevitable.

April 2, 2025, will likely go down in history as the beginning of a global trade war. With the announcement of sharp tariff increases, Donald Trump is putting an end to decades of economic development based on international trade. He is also attacking the multilateral system that has been built patiently since the end of World War II. The World Trade Organization, developed by states together to establish and enforce rules, is being completely ignored. The figures that the president puts forward on his big chart to justify the tariff increase decisions are baseless, pulled out of the American hat, and beyond any framework.

Trump is attacking every region of the world in a move that is violently turning America inward. Companies elsewhere can choose between investing on American soil or paying significantly more to reach American consumers. There’s no mistaking the scope of these protectionist measures: Such a movement hasn’t occurred since 1930. Every region of the world is affected, with tariffs targeting Asia and Europe most heavily.

Uncertainty and the Laws of the Jungle

This is a dark day for many reasons: Other countries have prepared, and most will be prompted to respond with similar measures. Failure to do so would put them in a weak position as Trump once again pressures members of his administration to obtain concessions.

This inevitably ushers in an era of protectionism that will harm everyone. Prices will rise, and consumers will pay the price. If these tariffs remain in place for the long term, they will certainly lead to a significant economic slowdown. Stock markets are reacting. Uncertainty is at its peak.

A small exporting country, Switzerland has been hit hard if we are to believe this initial announcement of a 31% tariff increase brandished by Trump, without knowing the fine points. Switzerland will have to rely on its partners elsewhere, particularly in Europe and Asia. The country will depend on their reaction. The Federal Council, through the mediation of President Karin Keller-Sutter, has sought to calm things down in a message referring to international law. International law, a concept completely missing from the world according to Trump.